0001493152-17-005386.txt : 20170515 0001493152-17-005386.hdr.sgml : 20170515 20170515172915 ACCESSION NUMBER: 0001493152-17-005386 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 75 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170515 DATE AS OF CHANGE: 20170515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Chanticleer Holdings, Inc. CENTRAL INDEX KEY: 0001106838 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 522102141 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35570 FILM NUMBER: 17846107 BUSINESS ADDRESS: STREET 1: 7621 LITTLE AVENUE STREET 2: SUITE 414 CITY: CHARLOTTE STATE: NC ZIP: 28226 BUSINESS PHONE: 704-366-5122 MAIL ADDRESS: STREET 1: 7621 LITTLE AVENUE STREET 2: SUITE 414 CITY: CHARLOTTE STATE: NC ZIP: 28226 FORMER COMPANY: FORMER CONFORMED NAME: TULVINE SYSTEMS INC DATE OF NAME CHANGE: 20000214 10-Q 1 form10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended: March 31, 2017

Commission File Number: 001-35570

CHANTICLEER HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware		20-2932652
(State or Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

7621 Little Avenue, Suite 414, Charlotte, NC 28226

(Address of principal executive offices) (zip code)

(704) 366-5122

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods as the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ].

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ].

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer [ ]	Accelerated Filer [ ]	Non-Accelerated Filer (do not check if Smaller Reporting Company) [ ]
Smaller Reporting Company [X]	Emerging Growth Company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

The number of shares outstanding of registrant’s common stock, par value $.0001 per share, as of May 11, 2017 was 24,743,015 shares.

Chanticleer Holdings, Inc. and Subsidiaries

INDEX

			Page No.

Part I		Financial Information

	Item 1:	Financial Statements	3

		Condensed Consolidated Balance Sheets as of March 31, 2017 (Unaudited) and December 31, 2016	3
		Condensed Consolidated Statements of Operations (Unaudited) – For the Three Months Ended March 31, 2017 and 2016	4
		Unaudited Condensed Consolidated Statements of Comprehensive Loss For the Three months Ended March 31, 2017 and 2016	5
		Condensed Consolidated Statements of Cash Flows (Unaudited) – For the Three Months Ended March 31, 2017 and 2016	6
		Notes to Condensed Consolidated Financial Statements (Unaudited)	8
	Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
	Item 3:	Quantitative and Qualitative Disclosures about Market Risk	29
	Item 4:	Controls and Procedures	30

Part II		Other Information

	Item 1:	Legal Proceedings	32
	Item 1A:	Risk Factors	32
	Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	32
	Item 3:	Defaults Upon Senior Securities	32
	Item 4:	Mine Safety Disclosures	32
	Item 5:	Other Information	32
	Item 6:	Exhibits	32

Signatures			33

Part I: FINANCIAL INFORMATION

Item 1: FINANCIAL StatemenTS

Chanticleer Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

	(Unaudited)
	March 31, 2017			December 31, 2016
ASSETS
Current assets:
Cash	$	277,820		$	268,575
Accounts and other receivables		349,003			524,481
Inventories		520,024			539,550
Prepaid expenses and other current assets		424,231			461,074
TOTAL CURRENT ASSETS		1,571,078			1,793,680
Property and equipment, net		11,498,775			11,513,693
Goodwill		12,438,151			12,405,770
Intangible assets, net		6,441,840			6,530,243
Investments		800,000			800,000
Deposits and other assets		465,526			442,737
TOTAL ASSETS	$	33,215,370		$	33,486,123

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	5,265,366		$	5,553,068
Current maturities of long-term debt and notes payable,		784,628			6,171,649
Current maturities of capital leases payable		14,952			18,449
Due to related parties		194,350			194,350
Deferred rent		100,260			173,775
TOTAL CURRENT LIABILITIES		6,359,556			12,111,291
Long-term debt, less current portion		6,013,791			287,445
Convertible notes payable, net of debt discount of $296,086 and $46,936, respectively		3,374,022			3,678,064
Redeemable preferred stock: no par value, 62,876 and 19,050 issued and outstanding, net of discount of $173,666 and $0, respectively		589,314			257,175
Deferred rent		2,051,057			1,961,751
Deferred tax liabilities		1,485,554			1,485,554
TOTAL LIABILITIES		19,873,294			19,781,280
Commitments and contingencies (Note 15)
Common stock subject to repurchase obligation; 562,900 shares issued and outstanding		349,000			349,000
Stockholders’ equity:
Preferred stock: no par value; authorized 5,000,000 shares; 62,876 and 19,050 shares issued issued and outstanding, respectively		-			-
Common stock: $0.0001 par value; authorized 45,000,000 shares; issued and outstanding 22,149,108 and 21,394,247 shares, respectively		2,215			2,140
Additional paid in capital		57,099,151			55,924,269
Accumulated other comprehensive loss		(1,108,828	)		(1,155,658	)
Accumulated deficit		(43,957,536	)		(42,206,325	)
Total Chanticleer Holdings, Inc, Stockholder’s Equity		12,035,002			12,564,426
Non-Controlling Interests		958,074			791,417
TOTAL STOCKHOLDERS’ EQUITY		12,993,076			13,355,843
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	33,215,370		$	33,486,123

See accompanying notes to unaudited condensed consolidated financial statements

Chanticleer Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations

	Three Months Ended
	March 31, 2017			March 31, 2016
Revenue:
Restaurant sales, net	$	9,653,154		$	9,804,690
Gaming income, net		106,067			99,534
Management fee income		24,990			25,000
Franchise income		75,786			182,552
Total revenue		9,859,997			10,111,776
Expenses:
Restaurant cost of sales		3,191,390			3,249,970
Restaurant operating expenses		5,674,560			5,515,013
Restaurant pre-opening and closing expenses		14,435			7,555
General and administrative expenses		1,375,620			1,674,880
Depreciation and amortization		593,380			570,441
Total expenses		10,849,385			11,017,859
Operating loss from continuing operations		(989,388	)		(906,083	)
Other (expense) income
Interest expense		(404,136	)		(600,926	)
Change in fair value of derivative liabilities		-			615,662
Loss on extinguishment of debt		(362,822	)		-
Other income		12,234			7,736
Total other (expense) income		(754,724	)		22,472
Loss from continuing operations before income taxes		(1,744,112	)		(883,611	)
Income tax expense		(3,797	)		(33,987	)
Loss from continuing operations		(1,747,909	)		(917,598	)
Discontinued operations
Loss from discontinued operations, net of tax		-			(679,381	)
Consolidated net loss		(1,747,909	)		(1,596,979	)
Less: Net loss attributable to non-controlling interest of continuing operations		20,843			171,616
Net loss attributable to Chanticleer Holdings, Inc.		(1,727,066	)		(1,425,363	)

Net loss attributable to Chanticleer Holdings, Inc.:
Dividends on redeemable preferred stock		(24,147	)		-
Net loss attributable to common shareholders of Chanticleer Holdings, Inc.	$	(1,751,213	)	$	(1,425,363	)
Net loss attributable to Chanticleer Holdings, Inc. per common
share, basic and diluted:	$	(0.08	)	$	(0.07	)
Weighted average shares outstanding, basic and diluted		22,106,236			21,337,247

See accompanying notes to unaudited condensed consolidated financial statements

Chanticleer Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Comprehensive Loss

	Three Months Ended
	March 31, 2017			March 31, 2016

Net loss attributable to Chanticleer Holdings, Inc.	$	(1,727,066	)	$	(1,425,363	)
Unrealized loss on available-for-sale securities, net of tax		-			(2,120	)
Foreign currency translation		46,831			198,403
Total other comprehensive income		46,831			196,283
Comprehensive loss	$	(1,680,235	)	$	(1,229,080	)

See accompanying notes to unaudited condensed consolidated financial statements

Chanticleer Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

	Three Months Ended
	March 31, 2017			March 31, 2016
Cash flows from operating activities:
Net loss	$	(1,747,909	)	$	(1,596,979	)
Net loss from discontinued operations		-			679,381
Net loss from continuing operations		(1,747,909	)		(917,598	)
Adjustments to reconcile net loss from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization		593,380			570,440
Loss on extinguishment of debt		362,822			-
Common stock and warrants issued for services		102,791			-
Amortization of debt discount		122,694			363,159
Change in assets and liabilities:
Accounts and other receivables		175,478			(80,697	)
Prepaid and other assets		14,055			207,532
Inventory		19,526			74,802
Accounts payable and accrued liabilities		(231,283	)		627,014
Change in amounts payable to related parties		-			175,000
Derivative liabilities		-			(615,662	)
Deferred income taxes		-			32,233
Deferred rent		15,792			(219,725	)
Net cash provided by (used in) operating activities from continuing operations		(572,654	)		216,498
Net cash used in operating activities from discontinued operations		-			(75,000	)
Net cash provided by (used in) operating activities		(572,654	)		141,498

Cash flows from investing activities:
Purchase of property and equipment		(450,641	)		(256,975	)
Cash paid for acquisitions, net of cash acquired		-			(72,215	)
Net cash used in investing activities from continuing operations		(450,641	)		(329,190	)

Cash flows from financing activities:
Proceeds from sale of preferred stock		591,651			-
Expenses related to sale of preferred stock		(258,153	)		-
Loan proceeds		512,780			-
Loan repayments		(194,069	)		(136,575	)
Capital lease payments		(4,779	)		(10,783	)
Contribution of non-controlling interest		375,000			13,017
Net cash provided by financing activities from continuing operations		1,022,430			(134,341	)
Effect of exchange rate changes on cash		10,110			4,468
Net increase (decrease) in cash		9,245			(317,565	)
Cash, beginning of period		268,575			1,224,415
Cash, end of period	$	277,820		$	906,850

See accompanying notes to unaudited condensed consolidated financial statements

Chanticleer Holdings, Inc. and Subsidiaries

Unaudited Consolidated Statements of Cash Flows, continued

	March 31, 2017		March 31, 2016

Supplemental cash flow information:
Cash paid for interest and income taxes:
Interest	$	335,699	$	31,728
Income taxes		-		-

Non-cash investing and financing activities:
Convertible debt settled through issuance of common stock	$	150,000	$	-
Accrued interest settled through issuance of convertible debt		97,503		-

Purchases of businesses:
Current assets excluding cash	$	-	$	1,611
Goodwill		-		70,604
Cash paid for acquistions	$	-	$	72,215

See accompanying notes to unaudited condensed consolidated financial statements

Chanticleer Holdings, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Nature of Business

Organization

Chanticleer Holdings, Inc. and its subsidiaries (together, the “Company”) are in the business of owning, operating and franchising fast casual dining concepts domestically and internationally.

The consolidated financial statements include the accounts of Chanticleer Holdings, Inc. and its subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation.

The Company operates on a calendar year-end. The accounts of Hooters Nottingham (“WEW”), are consolidated based on a 13 and 26 week periods ending on the Sunday closest to each March 31. No events occurred related to the difference between the Company’s reporting calendar period-end and the subsidiary’s period end that materially affected the company’s financial position, results of operations, or cash flows.

Name	Jurisdiction of Incorporation	Percent Owned			Name	Jurisdiction of Incorporation	Percent Owned
CHANTICLEER HOLDINGS, INC.	DE, USA
*Burger Business*					*Just Fresh*
American Roadside Burgers, Inc.	DE, USA		100	%	JF Franchising Systems, LLC	NC, USA		56	%
ARB Stores					JF Restaurants, LLC	NC, USA		56	%
American Burger Ally, LLC	NC, USA		100	%
American Burger Morehead, LLC	NC, USA		100	%	*West Coast Hooters*
American Roadside McBee, LLC	NC, USA		100	%	Jantzen Beach Wings, LLC	OR, USA		100	%
American Roadside Southpark LLC	NC, USA		100	%	Oregon Owl’s Nest, LLC	OR, USA		100	%
American Roadside Burgers Smithtown, Inc.	DE, USA		100	%	Tacoma Wings, LLC	WA, USA		100	%
American Burger Prosperity, LLC	NC, USA		100	%
BGR Acquisition, LLC	NC, USA		100	%	*South African Entities*
BGR Acquisition 1, LLC					Chanticleer South Africa (Pty) Ltd.	South Africa		100	%
BGR Franchising, LLC	VA, USA		100	%	Hooters Emperors Palace (Pty.) Ltd.	South Africa		88	%
BGR Operations, LLC	VA, USA		100	%	Hooters On The Buzz (Pty) Ltd	South Africa		95	%
BGR Arlington, LLC	VA, USA		100	%	Hooters PE (Pty) Ltd	South Africa		100	%
BGR Cascades, LLC	VA, USA		100	%	Hooters Ruimsig (Pty) Ltd.	South Africa		100	%
BGR Dupont, LLC	DC, USA		100	%	Hooters SA (Pty) Ltd	South Africa		78	%
BGR Old Keene Mill, LLC	VA, USA		100	%	Hooters Umhlanga (Pty.) Ltd.	South Africa		90	%
BGR Old Town, LLC	VA, USA		100	%	Hooters Willows Crossing (Pty) Ltd	South Africa		100	%
BGR Potomac, LLC	MD, USA		100	%
BGR Springfield Mall, LLC	VA, USA		100	%	*European Entities*
BGR Tysons, LLC	VA, USA		100	%	Chanticleer Holdings Limited	Jersey		100	%
BGR Washingtonian, LLC	MD, USA		100	%	West End Wings LTD	United Kingdom		100	%
Capitol Burger, LLC	MD, USA		100	%	Chanticleer Finance UK (No. 1) Plc	United Kingdom		100	%
BGR Mosaic, LLC	VA, USA		100	%
BGR Michigan Ave, LLC	DC, USA		100	%	*Inactive Entities*
BGR Chevy Chase, LLC	MD, USA		100	%	Hoot Surfers Paradise Pty. Ltd.	Australia		60	%
BT Burger Acquisition, LLC	NC, USA		100	%	Hooters Brazil	Brazil		100	%
BT’s Burgerjoint Biltmore, LLC	NC, USA		100	%	DineOut SA Ltd.	England		89	%
BT’s Burgerjoint Promenade, LLC	NC, USA		100	%	Avenel Financial Services, LLC	NV, USA		100	%
BT’s Burgerjoint Rivergate LLC	NC, USA		100	%	Avenel Ventures, LLC	NV, USA		100	%
BT’s Burgerjoint Sun Valley, LLC	NC, USA		100	%	Chanticleer Advisors, LLC	NV, USA		100	%
LBB Acquisition, LLC	NC, USA		100	%	Chanticleer Investment Partners, LLC	NC, USA		100	%
Cuarto LLC	OR, USA		100	%	Dallas Spoon Beverage, LLC	TX, USA		100	%
LBB Acquisition 1 LLC	OR, USA		100	%	Dallas Spoon, LLC	TX, USA		100	%
LBB Green Lake LLC	OR, USA		50	%	American Roadside Cross Hill, LLC	NC, USA		100	%
LBB Hassalo LLC	OR, USA		80	%	UK Bond Company	United Kingdom		100	%
LBB Platform LLC	OR, USA		80	%
LBB Progress Ridge LLC	OR, USA		50	%
Noveno LLC	OR, USA		100	%
Octavo LLC	OR, USA		100	%
Primero LLC	OR, USA		100	%
Quinto LLC	OR, USA		100	%
Segundo LLC	OR, USA		100	%
Septimo LLC	OR, USA		100	%
Sexto LLC	OR, USA		100	%

GENERAL

The accompanying condensed consolidated financial statements included in this report have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting and include all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation. These condensed consolidated financial statements have not been audited. The results of operations for the three month periods ended March 31, 2017 are not necessarily indicative of the operating results for the full year.

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations for interim reporting. The Company believes that the disclosures contained herein are adequate to make the information presented not misleading. However, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on March 31, 2017. Certain amounts for the prior year have been reclassified to conform to the current year presentation.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2017, our cash balance was $0.3 million, our working capital was negative $4.8 million. The level of additional cash needed to fund operations and our ability to conduct business for the next twelve months will be influenced primarily by the following factors:

	●	our ability to access the capital and debt markets to satisfy current obligations and operate the business;

	●	our ability to refinance or otherwise extend maturities of current debt obligations;

	●	the level of investment in acquisition of new restaurant businesses and entering new markets;

	●	our ability to manage our operating expenses and maintain gross margins as we grow:

	●	popularity of and demand for our fast-casual dining concepts; and

	●	general economic conditions and changes in consumer discretionary income.

We have typically funded our operating costs, acquisition activities, working capital requirements and capital expenditures with proceeds from the issuances of our common stock and other financing arrangements, including convertible debt, lines of credit, notes payable, capital leases, and other forms of external financing.

Our operating plans for the next twelve months contemplate moderate organic growth, opening 6-10 new company stores within our current markets and restaurant concepts, the majority of which will utilize funds already committed from outside investors. As we execute our growth plans over the next twelve months, we intend to carefully monitor the impact of growth on our working capital needs and cash balances relative to the availability of cost-effective debt and equity financing.

We have obligations that are currently due or otherwise payable within the next twelve months from date of issuance of these financial statements. In the event that capital is not available, we may then have to scale back or freeze our growth plans, sell assets on less than favorable terms, reduce expenses, and/or curtail future acquisition plans to manage our liquidity and capital resources. We may also incur financial penalties or other negative actions from our lenders if we are not able to refinance or otherwise extend or repay our current obligations or obtain waivers.

During March 2017, we extended the payment terms of our convertible debt obligations. During May 2017, we completed a new $6 million private placement of 8% debentures and warrants, the proceeds of which were used to repay, settle and release the $5 million note payable and related obligations to Florida Mezzanine Fund and to provide additional working capital for new store openings and operations.

The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

2. SIGNIFICANT ACCOUNTING POLICIES

There have been no material changes to our significant accounting policies previously disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2016.

USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include the valuation of the investments in portfolio companies, deferred tax asset valuation allowances, valuing options and warrants using the Binomial Lattice and Black Scholes models, intangible asset valuations and useful lives, depreciation and uncollectible accounts and reserves. Actual results could differ from those estimates.

REVENUE RECOGNITION

Revenue is recognized when all of the following criteria have been satisfied:

	●	Persuasive evidence of an arrangement exists;

	●	Delivery has occurred or services have been rendered;

	●	The seller’s price to the buyer is fixed or determinable; and

	●	Collectability is reasonably assured.

Restaurant Net Sales and Food and Beverage Costs

The Company records revenue from restaurant sales at the time of sale, net of discounts, coupons, employee meals, and complimentary meals and gift cards. Sales, value added tax (“VAT”) and goods and services tax (“GST”) collected from customers and remitted to governmental authorities are presented on a net basis within sales in our consolidated statements of operations and comprehensive loss. Restaurant cost of sales primarily includes the cost of food, beverages, and merchandise and disposable paper and plastic goods used in preparing and selling our menu items, and exclude depreciation and amortization. Vendor allowances received in connection with the purchase of a vendor’s products are recognized as a reduction of the related food and beverage costs as earned.

Management Fee Income

The Company receives revenue from management fees from certain non-affiliated companies, including from managing its investment in Hooters of America.

Gaming Income

The Company receives revenue from operating a gaming facility adjacent to its Hooters restaurant in Jantzen Beach, Oregon. The Company also previously received gaming revenue from gaming machines located in Sydney, Australia. Revenue from gaming is recognized as earned from gaming activities, net of taxes and other government fees.

Franchise Income

The Company accounts for initial franchisee fees in accordance with FASB ASC 952, Franchisors. The Company grants franchises to operators in exchange for initial franchise license fees and continuing royalty payments. Franchise license fees are deferred when received and recognized as revenue when the Company has performed substantially all initial services required by the franchise or license agreement, which is generally upon the opening of a store. Continuing fees, which are based upon a percentage of franchisee revenues, are recognized on the accrual basis as those sales occur.

LOSS PER COMMON SHARE

The Company is required to report both basic earnings per share, which is based on the weighted-average number of shares outstanding, and diluted earnings per share, which is based on the weighted-average number of common shares outstanding plus all potentially diluted shares outstanding. The following table summarizes the number of common shares potentially issuable upon the exercise of certain warrants, convertible notes payable and convertible interest as of March 31, 2017 and 2016 that have been excluded from the calculation of diluted net loss per common share since the effect would be antidilutive.

	March 31, 2017		March 31, 2016
Warrants -Weighted avg exercise price $4.95		9,072,032		9,506,304
Convertible notes - Weighted avg conversion price $0.67		5,233,684		3,772,674
Accrued interest on convertible notes		475,137		178,770
Total		14,780,863		13,457,748

On May 4, 2017, the Company issued 12 million warrants with an exercise price of $0.35. See Note 15 Subsequent Events.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 “Revenue from Contracts with Customers” which provides a single, comprehensive accounting model for revenue arising from contracts with customers. This guidance supersedes most of the existing revenue recognition guidance, including industry-specific guidance. Under this model, revenue is recognized at an amount that a company expects to be entitled to upon transferring control of goods or services to a customer. The new guidance also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flow arising from customer contracts, including significant judgments and changes in judgments. The new guidance will be effective for the Company beginning in calendar 2018 and may be applied retrospectively to all prior periods presented or through a cumulative adjustment to the opening retained earnings balance in the year of adoption. The Company is currently evaluating the effect of this update on its consolidated financial statements, but believes it will not have a material impact on operations.

In November 2015, the FASB issued ASU No. 2015-07 “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” related to the presentation of deferred income taxes. The guidance requires that deferred tax assets and liabilities be classified as non-current in a consolidated balance sheet. This guidance was adopted in the first quarter of 2017 and did not materially affect the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02 “Leases,” which supersedes ASC 840 “Leases” and creates a new topic, ASC 842 “Leases.” This update requires lessees to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. The update also expands the required quantitative and qualitative disclosures surrounding leases. This update is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with earlier adoption permitted. This update will be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company has not completed its evaluation of effect this update will have on its consolidated financial statements, but does expect there could be a material increase in both assets and liabilities reflected on its consolidated balance sheets as a result of adoption.

In January 2017, the FASB issued ASU No. 2017-04 “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The new guidance simplifies the test for goodwill impairment. Currently, the fair value of the reporting unit is compared with the carrying value of the reporting unit (identified as “Step 1”). If the fair value of the reporting unit is lower than its carrying amount then, the implied fair value of goodwill is calculated. If the implied fair value of goodwill is lower than the carrying value of goodwill an impairment is recognized (identified as “Step 2”). The new standard eliminates Step 2 from the impairment test; therefore, a goodwill impairment will be recognized as the difference of the fair value and the carrying value of the reporting unit. The new standard becomes effective on January 1, 2020 with early adoption permitted. The Company is currently evaluating the effect of this update on its consolidated financial statements.

There are several other new accounting pronouncements issued by FASB, which are not yet effective. Each of these pronouncements has been or will be adopted, as applicable, by the Company. At March 31, 2017, other than the adoption of ASU No. 2016-02 “Leases,” none of these pronouncements are expected to have a material effect on the financial position, results of operations or cash flows of the Company.

3. ACQUISITIONS

2016 Acquisition

The Company completed one acquisition during 2016, which was the acquisition of a restaurant location in the Harris YMCA in Charlotte, N.C. to expand our Just Fresh business. The Company allocated the purchase price as of the date of acquisition based on the estimated fair value of the acquired assets and assumed liabilities. In consideration of the purchased assets, the Company paid a purchase price totaling $72,215 in cash, of which $1,611 was allocated to acquired inventory and $70,604 to goodwill. The equipment and other assets used in the operation of the business are property of the YMCA and no other tangible or identifiable intangible assets other than inventory were acquired, with the balance being allocated to goodwill.

No proforma information was included as the proforma impact of the acquisition is not material.

4. DISCONTINUED OPERATIONS

In June 2016, the Company approved a plan to exit the Australia and Eastern Europe markets, authorizing management to sell or close its five Hooters stores in Australia and its one store in Budapest.

The Company completed the sale of the Hooters Australia and Budapest stores during the third quarter of 2016, transferring substantially all of the assets and liabilities of those operations to the local operating groups. In both cases, the Company did not receive any proceeds from the transfer, although in the case of Hooters Australia, the Company retained a five-year option to repurchase a 20% interest in the stores for $1.

There were no remaining balances attributable to discontinued operations on the accompanying condensed consolidated balance sheets as of March 31, 2017 or December 31, 2016.

The major line items comprising the loss of discontinued operations are as follows:

	Period Ended
	March 31, 2017		March 31, 2016

Revenue	$	-	$	1,505,942
Restaurant cost of sales		-		526,825
Restaurant operating expenses		-		1,303,379
General and administrative expenses		-		86,126
Depreciation and amortization		-		258,215
Other		-		10,778
Loss of discontinued operations		-		(679,381	)
Loss on write-down of net assets		-		-
Total pretax loss of discontinued operations		-		(679,381	)
Income tax		-		-
Loss on discontinued operations	$	-	$	(679,381	)

5. PROPERTY AND EQUIPMENT

Property and equipment consists of the following:

	March 31, 2017			December 31, 2016
Leasehold improvements	$	10,714,841		$	10,363,996
Restaurant furniture and equipment		6,846,679			6,716,926
Construction in progress		602,522			582,265
Office and computer equipment		68,303			68,303
Land and buildings		844,965			826,664
Office furniture and fixtures		108,030			108,030
		19,185,340			18,666,184
Accumulated depreciation and amortization		(7,686,565	)		(7,152,491	)
	$	11,498,775		$	11,513,693

Depreciation and amortization expense was approximately $0.5 million for both periods ended March 31, 2017 and 2016, respectively.

6. GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill is summarized by location as follows:

	March 31, 2017		December 31, 2016
Hooters Full Service	$	4,493,548	$	4,461,167
Better Burgers Fast Casual		7,448,848		7,448,848
Just Fresh Fast Casual		495,755		495,755
	$	12,438,151	$	12,405,770

The changes in the carrying amount of goodwill are summarized as follows:

	March 31, 2017		December 31, 2016
Beginning Balance	$	12,405,770	$	12,702,139
Acquisitions		-		70,604
Adjustments		-		62,192
Foreign currency translation (loss) gain		32,381		(429,165	)
Ending Balance	$	12,438,151	$	12,405,770

Other intangible assets, consisting of franchise costs, trademarks and tradenames, is summarized by location as follows:

	Estimated Useful Life	March 31, 2017			December 31, 2016
Trademark, Tradenames:
Just Fresh	10 years	$	1,010,000		$	1,010,000
American Roadside Burger	10 years		1,786,930			1,786,930
BGR: The Burger Joint	Indefinte		1,430,000			1,430,000
Little Big Burger	Indefinte		1,550,000			1,550,000
			5,776,930			5,776,930
Franchise fees:
Hooters South Africa	20 years		329,393			322,258
Hooters Pacific NW	20 years		88,826			88,826
BGR: The Burger Joint	Indefinite		1,320,000			1,320,000
Hooters UK	20 years		12,500			30,848
			1,750,719			1,761,932
Total Intangibles at cost			7,527,649			7,538,862
Accumulated amortization			(1,085,809	)		(1,008,619	)
Intangible assets, net		$	6,441,840		$	6,530,243

	Periods Ended
	March 31, 2017		March 31, 2016
Amortization expense	$	75,776	$	82,235

7. LONG-TERM DEBT AND NOTES PAYABLE

Long-term debt and notes payable are summarized as follows.

	March 31, 2017		December 31, 2016

Note Payable, due January 2017, net of discount of $0 and $171,868, respectively (b)	$	5,000,000	$	5,000,000

Note Payable, due April 2017		707,231		725,231

Note Payable, due October 2018		85,974		85,974

Mortgage Note, South Africa, due July 2024		213,685		215,962

Bank overdraft facilities, South Africa, annual renewal		161,647		124,598

Equipment financing arrangements, South Africa		133,984		145,430

Receivables financing facilities (a)		495,898		161,899
Total long-term debt	$	6,798,419	$	6,459,094
Current portion of long-term debt		784,628		6,171,649
Long-term debt, less current portion	$	6,013,791	$	287,445

For the three months ended March 31, 2017 and 2016 amortization of debt discount was $0 and $42,969 respectively.

a) During February 2017, in consideration for proceeds of $330,000, the Company agreed to remit a total of $412,500 from the merchant accounts of eight of its restaurant locations directly to a lender. The Company agreed to make payments of $1,965 per day for 210 days. The Company has the option to payoff the loan early by remitting a total of $372,900 by the 120^th day.

Also, during March 2017 in consideration for proceeds of $150,000, the Company agreed to remit a total of $205,500 from the merchant accounts of three of its restaurant locations directly to the lender. The Company agreed to make payments of $856.25 per day for 240 days.

The Company granted a security interest in the credit card receivables of the specified restaurants in connection with the Receivables Financing Agreements.

b) On May 4, 2017, pursuant to a Securities Purchase Agreement (“Purchase Agreement”), the Company issued 8% non-convertible secured debentures in the principal amount of $6,000,000 (“Debentures”) and warrants to purchase 12,000,000 shares of common stock (“Warrant Shares”) to accredited investors. The Debentures bear interest at a rate of 8% per annum, payable in cash quarterly in arrears. The Debentures mature on December 31, 2018. The Debentures contain customary financial and other covenants, including a requirement to maintain positive Earnings before interest, taxes, depreciation and amortization. The Warrants expire on the tenth anniversary of the Closing Date and have an exercise price equal to $0.35. The Warrants are not exercisable until six months after the Closing Date. The Warrant Shares have registration rights, and, if not registered, the holders will have the right to cashless exercise.

In conjunction with the financing described above, the Company entered into a Satisfaction, Settlement and Release Agreement with Florida Mezzanine Fund LLLP, a Florida limited liability partnership (“Florida Mezz”), pursuant to which Florida Mezz agreed to release the Company from all claims and outstanding obligations pursuant to that certain Assumption Agreement dated June 30, 2014, as amended October 15, 2014 and October 22, 2016, and that certain Agreement dated May 23, 2016, as amended January 30, 2017, in exchange for payment of $5,000,000.

Five million of the net proceeds from the offering were remitted to Florida Mezz, $500,000 will be reserved to fund the opening of new stores, and the balance of $206,746, after transaction expenses, will be used for working capital and general corporate purposes.

As a result of the issuance of the debentures and the settlement of the Florida Mezz obligations subsequent to March 31, 2016, the $5 million notes payable are no longer outstanding, the company’s’ share repurchase obligation from Florida Mezz has been terminated and Florida Mezz waived unpaid interest and penalties previously recorded in the Company’s consolidated financial statements. As a result, as of March 31, 2017, the $5 million note payable has been reclassified from current liabilities to non-current in the accompanying consolidated balance sheet. In addition, for the Company’s reporting period ended June 30, 2017, the shares subject to repurchase will be reclassified from temporary equity to permanent capital and the amounts accrued for interest and penalties will be reversed effective as of May 14, 2017. See Note 15 Subsequent Events.

8. cONVERTIBLE NOTEs PAYABLE

Convertible Notes payable are summarized as follows:

	March 31, 2017			December 31, 2016

6% Convertible notes payable due June 2018	$	3,000,000		$	3,000,000
8% Convertible notes payable due March 2019		100,000			100,000
8% Convertible notes payable due March 2019		150,000			150,000
Discounts on above convertible note		-			(46,936	)
8% Convertible notes payable due March 2019		420,108			475,000
Discounts on above convertible note		(296,086	)		-
Total Convertible notes payable		3,374,022			3,678,064
Current portion of convertible notes payable		-			-
Convertible notes payable, less current portion	$	3,374,022		$	3,678,064

For the three months ended March 31, 2017 and 2016 amortization of debt discount was $343,022 and $320,190 respectively.

Pursuant to exchange agreements dated and effective March 10, 2017 by and between the Company and four existing note holders, the Company exchanged its 8% convertible notes in the aggregate principal amount of $725,000, which notes were in default, for new two-year 2% notes, in the aggregate principal amount of $820,107, representing $725,000 in principal and $97,017 unpaid accrued interest. The original convertible notes were canceled and new convertible notes issued that may be converted to common stock of the Company, at the option of the holder, at a conversion price of $0.30 per share. The notes have a two-year term, but may be called by the holder after the one-year anniversary of the exchange date. During March 2017, subsequent to the exchange agreements, convertible notes in the amount of $150,000 were converted by the holders into 500,000 shares of common stock.

The exchange of the convertible notes was accounting for as an extinguishment of the previous debt, resulting in the recognition of a net loss on extinguishment of $362,822 in the accompanying condensed consolidated financial statements.

In addition, the lenders of the $3 million 6% convertible debt agreed to waive defaults and extend the note maturity by eighteen months (to June 30, 2018).

10. accounts payable and accrued expenses

Accounts payable and accrued expenses are summarized as follows:

	March 31, 2017		December 31, 2016

Accounts payable and accrued expenses	$	3,901,520	$	3,807,880
Accrued taxes (VAT, Sales Payroll)		816,266		988,056
Accrued income taxes		16,416		71,713
Accrued interest		531,164		685,419
	$	5,265,366	$	5,553,068

Stockholders’ Equity

The Company had 45,000,000 shares of its $0.0001 par value common stock authorized at both March 31, 2017 and December 31, 2016. The Company had 22,712,008 and 21,957,147 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively.

The Company has 5,000,000 shares of its no par value preferred stock authorized at both March 31, 2017 and December 31, 2016.

Beginning in December 2016, the Company conducted a rights offering of units, each unit consisting of one share of 9% Redeemable Series 1 Preferred Stock (“Series 1 Preferred”) and one Series 1 Warrant (“Series 1 Warrant”) to purchase 10 shares of common stock. Holders of the Series 1 Preferred are entitled to receive cumulative dividends out of legally available funds at the rate of 9% of the purchase price per year for a term of seven years, payable quarterly on the last day of March, June, September and December in each year in cash or registered common stock at the election of the Company. Shares of common stock issued as dividends will be issued at a 10% discount to the five-day volume weighted average price per share of common stock prior to the date of issuance. Dividends are to be paid prior to any dividend to the holders of common stock. The Series 1 Preferred is non-voting and has a liquidation preference of $13.50 per share, equal to its purchase price. Chanticleer is required to redeem the outstanding Series 1 Preferred at the expiration of the seven-year term. The redemption price for any shares of Series 1 Preferred will be an amount equal to the $13.50 purchase price per share plus any accrued but unpaid dividends to the date fixed for redemption.

As of December 31, 2016, 19,050 shares of preferred stock were issued pursuant to the Preferred Stock Units rights offering. In addition, 43,826 additional shares were issued following in February 2017 for a total of 62,876 issued and outstanding as March 31, 2017.

In connection with the payment of past due interest on its $5 million note payable, the Company issued 562,900 shares of its common stock to the lender. Concurrently, the Company entered into a put agreement with Florida Mezzanine Fund during 2016 which provides the lender the right to require the Company to repurchase those shares at a price of $0.62 cents per share. This put right originally expired in January 2017 and was subsequently extended to March 31, 2017.

The shares subject to the repurchase are reflected as a redeemable temporary equity on the accompanying consolidated balance sheet as of March 31, 2017 and December 31, 2016. In May 2017, Florida Mezzanine fund’s put right terminated in connection with the Company’s repayment of its principal and the shares will be reclassified as permanent equity as of May 2017 and in future balance sheets (see Note 15 Subsequent Events).

Options and Warrants

The Company’s shareholders have approved the Chanticleer Holdings, Inc. 2014 Stock Incentive Plan (the “2014 Plan”), authorizing the issuance of options, stock appreciation rights, restricted stock awards and units, performance shares and units, phantom stock and other stock-based and dividend equivalent awards. Pursuant to the approved 2014 Plan, 4,000,000 shares have been approved for grant.

As of March 31, 2017, the Company had issued 325,340 restricted and unrestricted shares on a cumulative basis under the plan pursuant to compensatory arrangements with employees, board members and outside consultants. No employee stock options have been issued or are outstanding as of March 31, 2017 or December 31, 2016. The Company issued 150,000 restricted stock units to an employee during 2016. Approximately 3,674,660 shares remained available for grant in the future.

The Company also has issued warrants to investors in connection with financing transactions in prior periods. A summary of the warrants outstanding and related activity is presented below:

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Life
Outstanding January 1, 2017		9,222,032		$	4.98		1.7
Granted		-			-		-
Exercised		-			-		0
Forfeited		(150,000	)		6.75		-
Outstanding March 31, 2017		9,072,032		$	4.95		1.4

Exercisable March 31, 2017		9,072,032		$	4.95		1.4

Exercise Price	Outstanding Number of Warrants		Weighted Average Remaining Life in Years		Exerciseable Number of Warrants
> $4.00		7,289,631		1.3		7,289,631
$3.00-$3.99		499,901		2.4		499,901
$2.00-$2.99		779,500		2.8		779,500
$1.00-$1.99		503,000		4.0		503,000
		9,072,032		1.4		9,072,032

On May 4, 2017, the Company issued 12 million warrants with an exercise price of $0.35. See Note 15 Subsequent Events.

12. RELATED PARTY TRANSACTIONS

Due to related parties

The Company has received non-interest bearing, short-term advances Chanticleer Investors, LCC, a related party, in the amount of $194,350 as of March 31, 2017 and December 31, 2016

The amount owed to Chanticleer Investors LLC is related to cash distributions received from Chanticleer Investors LLC’s interest Hooters of America which is payable to the Company’s co-investors in that investment.

13. SEGMENT INFORMATION

The Company is in the business of operating restaurants and its operations are organized by geographic region and by brand within each region. Further each restaurant location produces monthly financial statements at the individual store level. The Company’s chief operating decision maker reviews revenues and profitability at the at the group level comprised of: Full Service Hooters, Better Burger Fast Casual, Just Fresh Fast Casual, and Corporate.

The following are revenues and operating income (loss) from continuing operations by segment as of and for the periods presented. The Company does not aggregate or review non-current assets at the segment level.

	Three Months Ended
	March 31, 2017			March 31, 2016
Revenue:
Hooters Full Service	$	3,135,463		$	3,173,912
Better Burgers Fast Casual		5,316,287			5,551,651
Just Fresh Fast Casual		1,383,257			1,361,213
Corporate and Other		24,990			25,000
	$	9,859,997		$	10,111,776

Operating Income (Loss):
Hooters Full Service	$	(42,846	)	$	50,820
Better Burgers Fast Casual		(169,110	)		(68,397	)
Just Fresh Fast Casual		63,640			(73,208	)
Corporate and Other		(841,072	)		(815,298	)
	$	(989,388	)	$	(906,083	)

Depreciation and Amortization
Hooters Full Service	$	136,180		$	129,277
Better Burgers Fast Casual		376,631			365,131
Just Fresh Fast Casual		79,726			75,123
Corporate and Other		843			910
	$	593,380		$	570,441

The following are revenues and operating income (loss) from continuing operations and non-current assets by geographic region as of and for the periods presented.

	Three Months Ended
	March 31, 2017			March 31, 2016
Revenue:
United States	$	7,912,094		$	8,229,146
South Africa		1,384,394			1,214,056
Europe		563,509			668,574
	$	9,859,997		$	10,111,776

Operating Income (Loss):
United States	$	(941,072	)	$	(865,812	)
South Africa		(57,061	)		(60,057	)
Europe		8,745			19,786
	$	(989,388	)	$	(906,083	)

	March 31, 2017		December 31, 2016
Non-current Assets:
United States	$	26,761,752	$	26,812,062
South Africa		2,517,644		2,519,135
Europe		2,364,896		2,361,246
	$	31,644,292	$	31,692,443

14. COMMITMENTS AND CONTINGENCIES

On March 26, 2013, our South African operations received Notice of Motion filed in the Kwazulu-Natal High Court, Durban, Republic of South Africa, filed against Rolalor (PTY) LTD (“Rolalor”) and Labyrinth Trading 18 (PTY) LTD (“Labyrinth”) by Jennifer Catherine Mary Shaw (“Shaw”). Rolalor and Labyrinth were the original entities formed to operate the Johannesburg and Durban locations, respectively. On September 9, 2011, the assets and the then-disclosed liabilities of these entities were transferred to Tundraspex (PTY) LTD (“Tundraspex”) and Dimaflo (PTY) LTD (“Dimaflo”), respectively. The current entities, Tundraspex and Dimaflo are not parties in the lawsuit. Shaw is requesting that the Respondents, Rolalor and Labyrinth, be wound up in satisfaction of an alleged debt owed in the total amount of R4,082,636 (approximately $480,000). The two Notices were defended and argued in the High Court of South Africa (Durban) on January 31, 2014. Madam Justice Steryi dismissed the action with costs on May 5, 2014. Ms. Shaw appealed this decision and in December 2016, the Court dismissed the Labyrinth case with costs payable to the Company, and allowed the Rolalor case to proceed to liquidation. The Company did not object to the proposed liquidation of Rolalor as the entity has no assets and the Company does not expect there to be any material impact on the Company. No amounts have been accrued as of March 31, 2017 or December 31, 2016 in the accompanying condensed consolidated balance sheets.

On January 28, 2016, our Just Fresh subsidiary was notified that it had been served with a copyright infringement complaint, Kevin Chelko Photography, Inc. f. JF Restaurants, LLC, Case No. 3:13-CV-60-GCM (W.D. N.C.). The claim was filed in the United States District Court for the Western District of North Carolina Charlotte Division and seeks unspecified damages related to the use of certain photographic assets allegedly in violation of the United States copyright laws. On January 19, 2017, the case was dismissed with no damages being awarded and no amounts have been reflected in the accompanying condensed consolidated balance sheets as of March 31, 2017 or December 31, 2016.

From time to time, the Company may be involved in legal proceedings and claims that have arisen in the ordinary course of business. These actions, when ultimately concluded and settled, will not, in the opinion of management, have a material adverse effect upon the financial position, results of operations or cash flows of the company.

15. SUBSEQUENT EVENTS

Management has evaluated all events and transactions that occurred from January 1, 2017 through the date these unaudited condensed consolidated financial statements were issued for subsequent events requiring recognition or disclosure in the condensed consolidated financial statements.

Issuance of $6 Million Non-Convertible Secured Debentures and Warrants; Repayment of $5 Million outstanding Notes to Florida Mezzanine Fund

On May 4, 2017 (“Closing Date”), pursuant to a Securities Purchase Agreement (“Purchase Agreement”), Chanticleer Holdings, Inc., a Delaware corporation (“Chanticleer” or the “Company”) sold and issued 8% non-convertible secured debentures in the principal amount of $6,000,000 (“Debentures”) and warrants to purchase 12,000,000 shares of common stock (“Warrant Shares”) to accredited investors. The Debentures bear interest at a rate of 8% per annum, payable in cash quarterly in arrears. The Debentures mature on December 31, 2018. The Debentures contain customary negative covenants. The Warrants will expire on the tenth anniversary of the Closing Date and have an exercise price equal to $0.35, subject to adjustment therein. The Warrants are not exercisable until six months after the Closing Date. The Warrant Shares have registration rights, and, if not registered, the holders will have the right to cashless exercise.

Upon the occurrence of an event of default, in addition to holders having acceleration repayment rights, the holders shall have the right, on a pro-rata basis, to purchase the Company’s subsidiary, Little Big Burger, for $6,500,000. The purchasers were granted a right of first refusal as to future financing transactions of the Company for the term of the Debentures. Further, the Company has agreed to appoint one person selected by purchasers holding a majority of interest of the Debentures to its board of directors.

Pursuant to the Security Agreement dated May 4, 2017, the Debentures are secured by a second priority lien on all of the Company’s assets. Pursuant to the Subsidiary Guarantee dated May 4, 2017, all of the Company’s subsidiaries have guaranteed the Company’s performance of its obligations under the transaction documents.

NASDAQ Hearing and Reverse Split

As previously reported, we did not regain compliance with NASDAQ Listing Rule 5550(a)(2) and received a delisting determination from Nasdaq on February 14, 2017. We appealed the Staff’s determination to a hearings panel, which appeal stayed the suspension of our securities pending the panel’s decision. The hearing was held on March 30, 2017 and the panel extended the deadline for us to regain compliance with Listing Rule 5550(a)(2) to June 16, 2017.

Our Board of Directors previously approved a proposal for a reverse stock split at a ratio of 1-for-2 up to 1-for-10 which was included in our proxy statement filed in April 2017 and will be voted on by our shareholders at the upcoming Annual Meeting on Monday May 15, 2017. The Board retained discretion to determine the exact ratio of the split and to effect the split with the purpose of increasing the share price of our common stock to or above $1.00. The Company intends to effect the reverse split promptly after the annual meeting in late May 2017.

ITEM 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include projections, predictions, expectations or statements as to beliefs or future events or results or refer to other matters that are not historical facts. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from those contemplated by these statements. The forward-looking statements contained in this Annual Report are based on various factors and were derived using numerous assumptions. In some cases, you can identify these forward-looking statements by the words “anticipate”, “estimate”, “plan”, “project”, “continuing”, “ongoing”, “target”, “aim”, “expect”, “believe”, “intend”, “may”, “will”, “should”, “could”, or the negative of those words and other comparable words. You should be aware that those statements reflect only the Company’s predictions. If known or unknown risks or uncertainties should materialize, or if underlying assumptions should prove inaccurate, actual results could differ materially from past results and those anticipated, estimated or projected. You should bear this in mind when reading this Annual Report and not place undue reliance on these forward-looking statements. Factors that might cause such differences include, but are not limited to:

	●	The quality of Company and franchise store operations and changes in sales volume; Our ability to operate our business and generate profits. We have not been profitable to date;

	●	Inherent risks in expansion of operations, including our ability to acquire additional territories, generate profits from new restaurants, find suitable sites and develop and construct locations in a timely and cost-effective way;

	●	Inherent risks associated with acquiring and starting new restaurant concepts and store locations;

	●	General risk factors affecting the restaurant industry, including current economic climate, costs of labor and food prices;

	●	Intensive competition in our industry and competition with national, regional chains and independent restaurant operators;

	●	Our rights to operate and franchise the Hooters-branded restaurants are dependent on the Hooters’ franchise agreements;

	●	Our ability, and our dependence on the ability of our franchisees, to execute on our and their business plans effectively;

	●	Actions of our franchise partners or operating partners which could harm our business;

	●	Failure to protect our intellectual property rights, including the brand image of our restaurants;

	●	Changes in customer preferences and perceptions;

	●	Increases in costs, including food, rent, labor and energy prices;

	●	Our business and the growth of our Company is dependent on the skills and expertise of management and key personnel;

	●	Constraints could affect our ability to maintain competitive cost structure, including, but not limited to labor constraints;

	●	Work stoppages at our restaurants or supplier facilities or other interruptions of production;

	●	Our food service business and the restaurant industry are subject to extensive government regulation;

	●	We may be subject to significant foreign currency exchange controls in certain countries in which we operate;
	●	Inherent risk in foreign operations and currency fluctuations;

	●	Unusual expenses associated with our expansion into international markets;

	●	The risks associated with leasing space subject to long-term non-cancelable leases;

	●	We may not attain our target development goals and aggressive development could cannibalize existing sales;

	●	Current conditions in the global financial markets and the distressed economy;

	●	A decline in market share or failure to achieve growth;

	●	Negative publicity about the ingredients we use, or the potential occurrence of food-borne illnesses or other problems at our restaurants;

	●	Breaches of security of confidential consumer information related to our electronic processing of credit and debit card transactions;

	●	Unusual or significant litigation, governmental investigations or adverse publicity, or otherwise;

	●	Our debt financing agreements expose us to interest rate risks, contain obligations that may limit the flexibility of our operations, and may limit our ability to raise additional capital;

	●	Adverse effects on our results from a decrease in or cessation or clawback of government incentives related to investments; and

	●	Adverse effects on our operations resulting from certain geo-political or other events.

You should also consider carefully the Risk Factors contained in Part II, Item 1A of this Quarterly Report and Item 1A of Part I of our Annual Report filed on Form 10-K for the period ended December 31, 2016, which address additional factors that could cause its actual results to differ from those set forth in the forward-looking statements and could materially and adversely affect the Company’s business, operating results and financial condition. The risks discussed in this Quarterly Report and the Annual Report are factors that, individually or in the aggregate, the Company believes could cause its actual results to differ materially from expected and historical results. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider such disclosures to be a complete discussion of all potential risks or uncertainties.

The forward-looking statements are based on information available to the Company as of the date hereof, and, except to the extent required by federal securities laws, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Management’s Analysis of Business

We are in the business of owning, operating and franchising fast casual and full service dining concepts in the United States and internationally. As of March 31, 2017, our system-wide store count totaled 58 locations, consisting of 44 company-owned locations and 14 franchisee-operated locations as summarized below:

	As of March 31, 2017
	Better Burgers		Just Fresh		Hooters		Corp		Total		% of Total
Store Count
Company		28		7		9		-		44		75.9	%
Franchise		14		-		-		-		14		24.1	%
Total		42		7		9		-		58		100.0	%

	As of March 31, 2016
	Better Burgers		Just Fresh		Hooters		Corp		Total		% of Total
Store Count
Company		27		8		9		-		44		77.2	%
Franchise		13		-		-		-		13		22.8	%
Total		40		8		9		-		57		100.0	%

We own, operate and franchise a system-wide total of 42 fast casual restaurants specializing the “Better Burger” category of which 28 are company-owned and 14 are operated by franchisees under franchise agreements. American Burger Company (“ABC”) is a fast casual dining chain consisting of 9 locations in New York and the Carolinas, known for its diverse menu featuring, customized burgers, milk shakes, sandwiches, fresh salads and beer and wine. BGR: The Burger Joint (“BGR”), consists of 10 company-owned locations in the United States and 14 franchisee-operated locations in the United States and the Middle East. Little Big Burger (“LBB”) consists of 90 locations in Oregon.

We also own and operate Just Fresh, our healthier eating fast casual concept with 7 company owned locations in Charlotte, North Carolina. Just Fresh offers fresh-squeezed juices, gourmet coffee, fresh-baked goods and premium-quality, made-to-order sandwiches, salads and soups.

We own and operate 9 Hooters full service restaurants in the United States, South Africa, and the United Kingdom. Hooters restaurants are casual beach-themed establishments featuring music, sports on large flat screens, and a menu that includes seafood, sandwiches, burgers, salads, and of course, Hooters original chicken wings and the “nearly world famous” Hooters Girls.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2017 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2016

Our results of operations are summarized below:

	Three Months Ended
	March 31, 2017						March 31, 2016
	Amount			% of Revenue*			Amount			% of Revenue*			% Change

Restaurant sales, net	$	9,653,154					$	9,804,690						-1.5	%
Gaming income, net		106,067						99,534						6.6	%
Management fee income		24,990						25,000						0.0	%
Franchise income		75,786						182,552						-58.5	%
Total revenue		9,859,997						10,111,776						-2.5	%

Expenses:
Restaurant cost of sales		3,191,390			33.1	%		3,249,970			33.1	%		-1.8	%
Restaurant operating expenses		5,674,560			58.8	%		5,515,013			56.2	%		2.9	%
Restaurant pre-opening and closing expenses		14,435			0.1	%		7,555			0.1	%		91.1	%
General and administrative		1,375,620			14.0	%		1,674,880			16.6	%		-17.9	%
Depreciation and amortization		593,380			6.0	%		570,441			5.6	%		4.0	%
Total expenses		10,849,385			110.0	%		11,017,859			109.0	%		-1.5	%
Operating loss from continuing operations	$	(989,388	)				$	(906,083	)					9.2	%

* Restaurant cost of sales, operating expenses and pre-opening and closing expense percentages are based on restaurant sales, net. Other percentages are based on total revenue.

Revenue

Total revenue from continuing operations decreased 2.5% to $9.9 million for the three months ended March 31, 2017 from $10.1 million for the three months ended March 31, 2016.

Revenues by concept and revenue type and a breakdown of system-wide store count are further summarized below:

	Three Months Ended March 31, 2017
Revenue	Better Burgers		Just Fresh		Hooters		Corp		Total		% of Total
Restaurant sales, net	$	5,240,501		1,383,257		3,029,396	$	-	$	9,653,154		97.9	%
Gaming income, net		-		-		106,067		-		106,067		1.1	%
Management fees		-		-		-		24,990		24,990		0.3	%
Franchise income		75,786		-		-		-		75,786		0.8	%
Total revenue	$	5,316,287	$	1,383,257	$	3,135,463	$	24,990	$	9,859,997		100.0	%

	Three Months Ended March 31, 2016
Revenue	Better Burgers		Just Fresh		Hooters		Corp		Total		% of Total
Restaurant sales, net	$	5,369,099		1,361,213		3,074,378	$	-	$	9,804,690		97.0	%
Gaming income, net		-		-		99,534		-		99,534		1.0	%
Management fees		-		-		-		25,000		25,000		0.2	%
Franchise income		182,552		-		-		-		182,552		1.8	%
Total revenue	$	5,551,651	$	1,361,213	$	3,173,912	$	25,000	$	10,111,776		100.0	%

	% Change in Revenues Quarter over Quarter
Revenue	Better Burgers			Just Fresh			Hooters			Corp			Total
Restaurant sales, net		-2.4	%		1.6	%		-1.5	%		-			-1.5	%
Gaming income, net		-			-			6.6	%		-			6.6	%
Management fees		-			-			-			0.0	%		0.0	%
Franchise income		-58.5	%		-			-			-			-58.5	%
Total revenue		-4.2	%		1.6	%		6.6	%		0.0	%		-2.5	%

Restaurant revenues from continuing operations decreased 1.5 % to $9.7 million for the three months ended March 31, 2017 from $9.8 million for the three months ended March 31, 2016.

	●	Restaurant revenue from the Company’s Better Burger Group decreased 2.4% to $5.2 million for the three months ended March 31, 2017 from $5.4 million for the three months ended March 31, 2016. The decrease was attributable to the loss of approximately 4 operating days due to unusual weather in the Pacific Northwest, combined with slower than normal traffic in January and February in the Charlotte and Washington DC markets. Those decreases were partially offset by increased restaurant revenue from the opening of one new Little Big Burger store during January.

	●	Restaurant revenue from the Company’s Just Fresh Group increased 1.6% to $1.4 million for the three months ended March 31, 2017 from $1.4 million for the three months ended March 31, 2016. Revenue growth resulted from primarily the addition of one new location in mid-January 2016, partially offset by a reduction in days of operation at the East Boulevard location which we reduced from seven days per week to five to improve operating margins.

	●	Restaurant revenue from the Company’s Hooter’s restaurants decreased 1.5% to $3.0 million for the three months ended March 31, 2017 from $3.1 million for the three months ended March 31, 2016. Revenue increased by 14% in South Africa primarily due to favorable foreign currency rates as compared with the prior year. In the United Kingdom, revenue declined 16%, primarily due to unfavorable foreign currency exchange rates as compared to prior year. Revenue from Hooters in United States declined 9%, primarily as a result of unfavorable weather in the Pacific Northwest during the current year with the loss of approximately 4 operating days and slower than normal traffic during January and February.

Gaming revenue increased 6.6% due to increased play as a result of recent upgrades to the VLT terminals at our Hooters locations in the Pacific Northwest over the past year. The favorable effects of the upgrades were partially offset by unfavorable weather in the current year.

Franchise revenue decreased 58.5% to $76 thousand for the three months ended March 31, 2017 from $183 thousand for the three months ended March 31, 2016. The decline in franchise revenue is primarily due to limited new franchising activity in the current period while the BGR groups is undertaking a comprehensive rebranding process to improve their store design and offerings, combined with a decline in international royalties.

Management fee revenue was unchanged at $25,000 in each period. The Company earns management fees for its CEO serving on the Board of Directors of Hooters of America.

Cost of Restaurant sales

Cost of restaurant sales decreased 1.8% to $3.2 million for the three months ended March 31, 2017 from $3.2 million for the three months ended March 31, 2016.

	Three Months Ended
	March 31, 2017					March 31, 2016
Cost of Restaurant Sales	Amount		% of Restaurant Net Sales			Amount		% of Restaurant Net Sales			% Change
Better Burgers Fast Casual	$	1,700,460		32.4	%	$	1,735,074		32.3	%		-2.0	%
Just Fresh Fast Casual		442,416		32.0	%		490,012		36.0	%		-9.7	%
Hooters Full Service		1,048,514		34.6	%		1,024,884		33.3	%		2.3	%
	$	3,191,390		33.1	%	$	3,249,970		33.1	%		-1.8	%

Cost of restaurant sales remained flat at 33.1% of net restaurant revenues for the three months ended March 31, 2017 and 33.1% for the three months ended March 31, 2016. Cost of sales improved at Just Fresh from 36.0% to 32.0%, while cost of goods increased slightly at both our Burger Group and Hooters as a percent of revenue.

Restaurant operating expenses

Restaurant operating expenses increased 2.9% to $5.7 million for the three months ended March 31, 2017 from $5.5 million for the three months ended March 31, 2016.

Our restaurant operating expenses as a percentage of restaurant sales for each region of operations is included in the following table:

	Three Months Ended
	March 31, 2017					March 31, 2016
Operating Expenses	Amount		% of Restaurant Net Sales			Amount		% of Restaurant Net Sales			% Change
Better Burgers Fast Casual	$	3,068,269		58.5	%	$	2,946,122		54.9	%		4.1	%
Just Fresh Fast Casual		708,972		51.3	%		728,022		53.5	%		-2.6	%
Hooters Full Service		1,897,319		62.6	%		1,840,869		59.9	%		3.1	%
	$	5,674,560		58.8	%	$	5,515,013		56.2	%		2.9	%

As a percent of restaurant revenues, operating expenses increased to 58.8% for the three months ended March 31, 2017 from 56.2% for the three months ended March 31, 2016. Operating expenses increased primarily due to the additional operating expenses from the opening of the new Little Big Burger store in January 2017.

Restaurant pre-opening and closing expenses

Restaurant pre-opening and closing expenses decreased to $14 thousand for the three months ended March 31, 2017 from $8 thousand for the three months ended March 31, 2016. The preopening costs in the current period were primarily related to pre-opening payroll and other expenses for our Little Big Burger opening in Portland that occurred in January 2017.

General and Administrative Expense (“G&A”)

G&A decreased 17.9% to $1.4 million for the three months ended March 31, 2017 from $1.7 million for the three months ended March 31, 2016. Significant components of G&A are summarized as follows:

	Three Months Ended
	March 31, 2017		March 31, 2016
Audit, legal and other professional services	$	366,906	$	368,013
Salary and benefits		545,839		652,503
Consulting and other fees		36,987		157,992
Travel and entertainment		60,065		77,216
Shareholder services and fees		51,819		15,674
Advertising, Insurance and other		314,004		403,482
Total G&A Expenses	$	1,375,620	$	1,674,880

As a percentage of total revenue, G&A decreased to 14.0% for the three months ended March 31, 2017 from 16.6% for the three months ended March 31, 2016.

For the current period, approximately 63% of G&A is attributable to Corporate overhead, including salaries, travel, audit, legal and other public company costs. Approximately 37% of total G&A attributable to regional management, franchising, marketing, advertising, and other administrative activities within the Better Burger group, Hooters, and Just Fresh.

The improvement in G&A is primarily due to reductions in regional management and administrative staffing as the Company has continued to streamline and integrate its operations. The Company is also in process of implementing a new enterprise-wide accounting platform and point of sale system across the majority of the company’s locations which increased G&A spending in the current period.

Depreciation and amortization

Depreciation and amortization expense was essentially unchanged at $0.6 million for the three months ended March 31, 2017 and 2016.

OTHER INCOME (EXPENSE)

Other income (expense) consisted of the following:

	Three Months Ended
Other Income (Expense)	March 31, 2017			September 30, 2015			% Change
Interest expense	$	(404,136	)	$	(600,926	)		-32.7	%
Change in fair value of derivative liabilities		-			615,662			-100.0	%
Loss on extinguishment of debt		(362,822	)		-			na
Total other (expense) income		12,234			7,736			58.1	%
Total Other Income (Expense)	$	(754,724	)	$	22,472			-3458.4	%

Other expense, net changed to a net expense of $0.8 million for the three months ended March 31, 2017 from income of $22 thousand for the three months ended March 31, 2016. The change in other expenses, net was primarily due to lower interest expense, partially offset by a loss on extinguishment of debt in 2017 and inclusion of $0.6 million positive change in fair value of non-cash derivative liabilities in the prior year.

Interest expense decreased 32.7% to $0.4 million for the three months ended March 31, 2017 from $0.6 million for the three months ended March 31, 2016. The reduction in interest are primarily due to lower non-cash amortization of debt discounts.

The Company recognized changes in the fair value of derivative liabilities totaling $0.6 million for the three months ended March 31, 2016. This is a non-cash income or expense associated with our convertible debt and is adjusted quarterly based primarily on the change in the fair value of the price of the Company’s common stock. The Company does not have derivative liabilities in 2017.

During March 2017, the Company modified the terms of certain of its convertible notes resulting in a non-cash loss of $0.4 million from extinguishment accounting.

LIQUIDITY, CAPITAL RESOURCES AND GOING CONCERN

As of March 31, 2017, our cash balance was $4.8 million, our working capital was negative $5.4 million. The level of additional cash needed to fund operations and our ability to conduct business for the next twelve months will be influenced primarily by the following factors:

	●	our ability to access the capital and debt markets to satisfy current obligations and operate the business;

	●	our ability to refinance or otherwise extend maturities of current debt obligations;

	●	the level of investment in acquisition of new restaurant businesses and entering new markets;

	●	our ability to manage our operating expenses and maintain gross margins as we grow:

	●	popularity of and demand for our fast-casual dining concepts; and

	●	general economic conditions and changes in consumer discretionary income.

During March 2017, we extended the payment terms of our convertible debt obligations. During May 2017, we completed a new $6 million private placement of 8% debentures and warrants, the proceeds of which were used to repay the $5 million note payable to Florida Mezzanine Fund that had been in default, and to provide additional working capital for new store openings.

In addition, our business is subject to additional risks and uncertainties, including, but not limited to, those described Part II, Item 1A of this Quarterly Report and in Item 1A of Part I of our Annual Report filed on Form 10-K for the period ended December 31, 2016. “Risk Factors”.

CRITICAL ACCOUNTING POLICIES

Our condensed consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. Preparation of these statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates and assumptions are affected by the application of our accounting policies. Critical accounting policies are those that require application of management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain and may change in subsequent periods. A summary of significant accounting policies and a description of accounting policies that are considered critical may be found in our 2016 Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission on March 31, 2017, in the Notes to the Consolidated Financial Statements, Note 1, and the Critical Accounting Policies section of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Item 3: QUANTITATIVE and QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

Item 4: Controls and Procedures

Evaluation of disclosure controls and procedures

Under the PCAOB standards, a control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit the attention by those responsible for oversight of the company’s financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such terms are defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of March 31, 2017. Our management has determined that, as of March 31, 2017 the Company’s disclosure controls and procedures were not effective.

Management’s report on internal control over financial reporting

Management Responsibility for Internal Control over Financial Reporting. Management is responsible for establishing and maintaining effective internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act. The Company’s internal control over financial reporting is designed to provide reasonable assurance to the Company’s management and Board of Directors regarding the preparation and fair presentation of published financial statements in accordance with the United States’ generally accepted accounting principles (US GAAP), including those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and disposition of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with US GAAP and that receipts and expenditures are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Management’s Evaluation of Internal Control over Financial Reporting. Management evaluated our internal control over financial reporting as of March 31, 2017. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control — Integrated Framework. As a result of this assessment and based on the criteria in this framework, management has concluded that, as March 31, 2017, our internal control over financial reporting was ineffective.

Material Weaknesses

A material weakness is a control deficiency, or a combination of control deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

Management identified the following deficiencies in its internal control over financial reporting:

	●	As the Company completed multiple acquisitions in a short period of time over the past two years, it has operated multiple accounting systems using disparate charts of accounts and inconsistent financial close procedures and timetables. The lack of consistency makes it more difficult to ensure that the consolidated financial records are completed timely and on a consistent basis each reporting period, which increases the risk of undetected errors.

	●	The Company’s financial close procedures are not formally documented across the organization to the degree necessary to ensure that financial statements are prepared consistently and accurately each reporting period.

	●	The Company’s information systems, as well as the organization and storage of critical financial records, were not deemed adequate to ensure the timely ability to recover from a disaster or prevent the accidental loss of critical financial records.

	●	The Company’s financial statements include complex transactions and financial instruments that are subject to extensive technical accounting standards that increase the risk of undetected errors and where the Company’s internal resources do not possess deep technical specialization.

	●	The Company performs extensive reconciliation and manual review procedures to ensure that the financial statements results are accurately presented, however, there is inconsistent and informal documentation of those review procedures.

Management determined that the deficiencies, evaluated in the aggregate, could potentially result in a material misstatement of the consolidated financial statements in a future annual or interim period that would not be prevented or detected. Therefore, the deficiencies constitute material weaknesses in internal control. Based on that evaluation, management determined that our internal control over financial reporting was not effective as of March 31, 2017.

Remediation Plans

We have initiated several steps and plan to continue to evaluate and implement measures designed to improve our internal control over financial reporting in order to remediate the control deficiencies noted above.

While our evaluation of the appropriate remediation plans is still ongoing, efforts to date have included recruiting additional qualified personnel with experience in financial reporting and internal control. During 2016, the Company took steps to standardize its chart of accounts and accounting procedures. During the first quarter of 2017, the Company made changes to its accounting staffing and implemented a new enterprise wide accounting system at the majority of its operations to further standardize accounting procedures and reporting and address the information system weaknesses identified.

Changes in Internal Control over Financial Reporting — The Company is implementing changes to its accounting systems internal processes and policies to further standardize the internal control over financial reporting with respect to the monitoring, reporting and consolidation of the financial results of the acquired operations into the Company’s financial statements During the three months ended March 31, 2017, the Company made changes to its accounting systems and its internal control over financial reporting that it expects to improve its internal control over financial reporting in future periods when fully implemented.

PART II – OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS

We are subject to various legal proceedings from time to time in the ordinary course of business, which may not be required to be disclosed under this Item 1. For the three month period ending March 31, 2017 covered by this Quarterly Report, there have been no reportable legal proceedings or material developments to previously reported legal proceedings.

ITEM 1A: RISK FACTORS

There have been no material changes to our risk factors as previously disclosed in “Risk Factors” in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31,2016 (“Risk Factors”). Readers should carefully consider thee Risk Factors, which could materially affect our business, financial condition or future results. These Risk Factors are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results.

ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Not applicable

ITEM 3: DEFAULTS UPON SENIOR SECURITIES

The Company was in technical default under notes payable in the amount of $5.0 million as of March 31, 2017. Those defaults ceased with the repayment of the $5.0 million note in May 2017.

ITEM 4: MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5: OTHER INFORMATION

None.

ITEM 6: EXHIBITS

Exhibit No.		Description

101.INS*		XBRL Instance Document

101.SCH*		XBRL Taxonomy Extension Schema Document

101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document

XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

In accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are furnished and not filed.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CHANTICLEER HOLDINGS, INC.

Date: May 15, 2017	By:	/s/ Michael D. Pruitt
		Michael D. Pruitt
		Chief Executive Officer
		(Principal Executive Officer)

		/s/ Eric S. Lederer
		Eric S. Lederer
		Chief Financial Officer
		(Principal Accounting Officer)

EX-31.1 2 ex31-1.htm

Exhibit 31.1

CHANTICLEER HOLDINGS, INC. FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2017
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael D. Pruitt, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Chanticleer Holdings, Inc. (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2017	/s/ Michael D. Pruitt
	Michael D. Pruitt
	Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 3 ex31-2.htm

Exhibit 31.2

CHANTICLEER HOLDINGS, INC. FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2017
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Eric S. Lederer, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Chanticleer Holdings, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions);

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2017	/s/ Eric S. Lederer
	Eric S. Lederer
	Chief Financial Officer

EX-32.1 4 ex32-1.htm

Exhibit 32.1

CHANTICLEER HOLDINGS, INC. FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2017
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report of Chanticleer Holdings, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Michael D. Pruitt, Chief Executive Officer of the Company, does hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Chanticleer Holdings, Inc.

Date: May 15, 2017	/s/ Michael D. Pruitt
	Michael D. Pruitt
	Chief Executive Officer
	(Principal Executive Officer)

EX-32.2 5 ex32-2.htm

Exhibit 32.2

CHANTICLEER HOLDINGS, INC. FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2017
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report of Chanticleer Holdings, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Eric S. Lederer, Chief Financial Officer of the Company, does hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Chanticleer Holdings, Inc.

Date: May 15, 2017	/s/ Eric S. Lederer
	Eric S. Lederer
	Chief Financial Officer
	(Principal Accounting Officer)

EX-101.INS 6 hotr-20170331.xml XBRL INSTANCE FILE 0001106838 2017-01-01 2017-03-31 0001106838 2017-03-31 0001106838 us-gaap:WarrantMember 2016-01-01 2016-03-31 0001106838 us-gaap:ConvertibleDebtSecuritiesMember 2016-01-01 2016-03-31 0001106838 HOTR:ConvertibleInterestMember 2016-01-01 2016-03-31 0001106838 us-gaap:WarrantMember 2017-01-01 2017-03-31 0001106838 us-gaap:ConvertibleDebtSecuritiesMember 2017-01-01 2017-03-31 0001106838 HOTR:ConvertibleInterestMember 2017-01-01 2017-03-31 0001106838 country:ZA 2017-01-01 2017-03-31 0001106838 us-gaap:FranchiseRightsMember 2016-12-31 0001106838 us-gaap:TrademarksAndTradeNamesMember 2016-12-31 0001106838 country:US 2017-01-01 2017-03-31 0001106838 us-gaap:EuropeMember 2017-01-01 2017-03-31 0001106838 HOTR:ChanticleerInvestorsLlcMember 2017-03-31 0001106838 us-gaap:LeaseholdImprovementsMember 2016-12-31 0001106838 HOTR:RestaurantFurnishingsAndEquipmentMember 2016-12-31 0001106838 us-gaap:ConstructionInProgressMember 2016-12-31 0001106838 HOTR:OfficeAndComputerEquipmentMember 2016-12-31 0001106838 HOTR:LandAndBuildingsMember 2016-12-31 0001106838 us-gaap:LeaseholdImprovementsMember 2017-03-31 0001106838 HOTR:RestaurantFurnishingsAndEquipmentMember 2017-03-31 0001106838 HOTR:OfficeAndComputerEquipmentMember 2017-03-31 0001106838 HOTR:LandAndBuildingsMember 2017-03-31 0001106838 HOTR:OfficeFurnitureAndFixturesMember 2017-03-31 0001106838 us-gaap:FranchiseRightsMember HOTR:HootersPacificNwMember 2016-12-31 0001106838 us-gaap:FranchiseRightsMember HOTR:HootersPacificNwMember 2017-03-31 0001106838 us-gaap:FranchiseRightsMember 2017-03-31 0001106838 us-gaap:TrademarksAndTradeNamesMember HOTR:JustFreshMember 2017-03-31 0001106838 us-gaap:TrademarksAndTradeNamesMember HOTR:AmericanRoadsideBurgersMember 2017-03-31 0001106838 us-gaap:TrademarksAndTradeNamesMember 2017-03-31 0001106838 HOTR:LongTermDebtAndNotesPayableMember 2016-12-31 0001106838 HOTR:LongTermDebtAndNotesPayableOneMember 2016-12-31 0001106838 HOTR:LongTermDebtAndNotesPayableTwoMember 2016-12-31 0001106838 HOTR:LongTermDebtAndNotesPayableThreeMember 2016-12-31 0001106838 HOTR:LongTermDebtAndNotesPayableFourMember 2016-12-31 0001106838 HOTR:LongTermDebtAndNotesPayableFiveMember 2016-12-31 0001106838 HOTR:LongTermDebtAndNotesPayableMember 2017-03-31 0001106838 HOTR:LongTermDebtAndNotesPayableOneMember 2017-03-31 0001106838 HOTR:LongTermDebtAndNotesPayableTwoMember 2017-03-31 0001106838 HOTR:LongTermDebtAndNotesPayableThreeMember 2017-03-31 0001106838 HOTR:LongTermDebtAndNotesPayableFourMember 2017-03-31 0001106838 HOTR:LongTermDebtAndNotesPayableFiveMember 2017-03-31 0001106838 HOTR:ConvertibleNotesPayableOneMember 2016-12-31 0001106838 HOTR:ConvertibleNotesPayableTwoMember 2016-12-31 0001106838 HOTR:ConvertibleNotesPayableThreeMember 2016-12-31 0001106838 HOTR:ConvertibleNotesPayableOneMember 2017-03-31 0001106838 HOTR:ConvertibleNotesPayableTwoMember 2017-03-31 0001106838 HOTR:ConvertibleNotesPayableThreeMember 2017-03-31 0001106838 country:US 2016-01-01 2016-03-31 0001106838 country:ZA 2016-01-01 2016-03-31 0001106838 us-gaap:EuropeMember 2016-01-01 2016-03-31 0001106838 country:US 2016-12-31 0001106838 country:ZA 2016-12-31 0001106838 us-gaap:EuropeMember 2016-12-31 0001106838 country:US 2017-03-31 0001106838 country:ZA 2017-03-31 0001106838 us-gaap:EuropeMember 2017-03-31 0001106838 HOTR:RangeOneMember us-gaap:WarrantMember 2017-03-31 0001106838 HOTR:RangeOneMember us-gaap:WarrantMember 2017-01-01 2017-03-31 0001106838 HOTR:RangeTwoMember us-gaap:WarrantMember 2017-03-31 0001106838 HOTR:RangeTwoMember us-gaap:WarrantMember 2017-01-01 2017-03-31 0001106838 HOTR:RangeThreeMember us-gaap:WarrantMember 2017-03-31 0001106838 HOTR:RangeThreeMember us-gaap:WarrantMember 2017-01-01 2017-03-31 0001106838 HOTR:RangeFourMember us-gaap:WarrantMember 2017-03-31 0001106838 HOTR:RangeFourMember us-gaap:WarrantMember 2017-01-01 2017-03-31 0001106838 us-gaap:WarrantMember 2017-03-31 0001106838 us-gaap:FranchiseRightsMember HOTR:BgrTheBurgerJointMember 2016-12-31 0001106838 us-gaap:FranchiseRightsMember HOTR:BgrTheBurgerJointMember 2017-03-31 0001106838 us-gaap:TrademarksAndTradeNamesMember HOTR:BgrTheBurgerJointMember 2017-03-31 0001106838 HOTR:ConvertibleNotesPayableFourMember 2016-12-31 0001106838 HOTR:ConvertibleNotesPayableFourMember 2017-03-31 0001106838 2016-12-31 0001106838 us-gaap:MaximumMember 2017-03-31 0001106838 us-gaap:MinimumMember 2017-03-31 0001106838 us-gaap:TrademarksAndTradeNamesMember HOTR:JustFreshMember 2016-12-31 0001106838 us-gaap:TrademarksAndTradeNamesMember HOTR:AmericanRoadsideBurgersMember 2016-12-31 0001106838 us-gaap:TrademarksAndTradeNamesMember HOTR:BgrTheBurgerJointMember 2016-12-31 0001106838 us-gaap:TrademarksAndTradeNamesMember HOTR:LittleBigBurgerMember 2016-12-31 0001106838 us-gaap:TrademarksAndTradeNamesMember HOTR:LittleBigBurgerMember 2017-03-31 0001106838 2017-05-11 0001106838 HOTR:BurgerBusinessMember HOTR:AmericanRoadsideBurgersIncMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:AmericanRoadsideBurgersIncMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:AmericanRoadsideMcBeeLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:AmericanRoadsideMcBeeLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:AmericanBurgerMoreheadLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:AmericanBurgerMoreheadLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:AmericanBurgerAllyLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:AmericanBurgerAllyLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRAcquisitionLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRAcquisitionLLCMember 2017-03-31 0001106838 us-gaap:OperatingSegmentsMember HOTR:HootersFullServiceMember 2016-01-01 2016-03-31 0001106838 us-gaap:OperatingSegmentsMember HOTR:BetterBurgersFastCasualMember 2016-01-01 2016-03-31 0001106838 us-gaap:OperatingSegmentsMember HOTR:JustFreshFastCasualMember 2016-01-01 2016-03-31 0001106838 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2016-01-01 2016-03-31 0001106838 us-gaap:OperatingSegmentsMember 2016-01-01 2016-03-31 0001106838 us-gaap:OperatingSegmentsMember HOTR:HootersFullServiceMember 2017-01-01 2017-03-31 0001106838 us-gaap:OperatingSegmentsMember HOTR:BetterBurgersFastCasualMember 2017-01-01 2017-03-31 0001106838 us-gaap:OperatingSegmentsMember HOTR:JustFreshFastCasualMember 2017-01-01 2017-03-31 0001106838 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2017-01-01 2017-03-31 0001106838 us-gaap:OperatingSegmentsMember 2017-01-01 2017-03-31 0001106838 HOTR:TwoThousandFourteenStockIncentivePlanMember 2017-01-01 2017-03-31 0001106838 us-gaap:TrademarksAndTradeNamesMember HOTR:JustFreshMember 2017-01-01 2017-03-31 0001106838 us-gaap:TrademarksAndTradeNamesMember HOTR:AmericanRoadsideBurgersMember 2017-01-01 2017-03-31 0001106838 us-gaap:TrademarksAndTradeNamesMember HOTR:BgrTheBurgerJointMember 2017-01-01 2017-03-31 0001106838 us-gaap:TrademarksAndTradeNamesMember HOTR:LittleBigBurgerMember 2017-01-01 2017-03-31 0001106838 us-gaap:FranchiseRightsMember HOTR:HootersPacificNwMember 2017-01-01 2017-03-31 0001106838 us-gaap:FranchiseRightsMember HOTR:BgrTheBurgerJointMember 2017-01-01 2017-03-31 0001106838 HOTR:JustFreshBusinessMember 2016-01-01 2016-12-31 0001106838 HOTR:JustFreshBusinessMember 2016-12-31 0001106838 HOTR:ConvertibleNotesPayableTwoMember 2017-01-01 2017-03-31 0001106838 HOTR:ConvertibleNotesPayableTwoMember 2016-01-01 2016-03-31 0001106838 HOTR:ConvertibleNotesPayableThreeMember 2017-01-01 2017-03-31 0001106838 HOTR:ConvertibleNotesPayableThreeMember 2016-01-01 2016-03-31 0001106838 HOTR:ConvertibleNotesPayableFourMember 2017-01-01 2017-03-31 0001106838 HOTR:ConvertibleNotesPayableFourMember 2016-01-01 2016-03-31 0001106838 HOTR:ConvertibleNotesPayableOneMember 2017-01-01 2017-03-31 0001106838 HOTR:ConvertibleNotesPayableOneMember 2016-01-01 2016-03-31 0001106838 us-gaap:ConstructionInProgressMember 2017-03-31 0001106838 us-gaap:ConvertibleNotesPayableMember 2017-03-31 0001106838 us-gaap:ConvertibleNotesPayableMember 2016-12-31 0001106838 HOTR:BurgerBusinessMember HOTR:AmericanRoadsideSouthparkLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:AmericanRoadsideSouthparkLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:AmericanRoadsideBurgersSmithtownIncMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:AmericanRoadsideBurgersSmithtownIncMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:AmericanBurgerProsperityLlcMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:AmericanBurgerProsperityLlcMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRAcquisitionOneLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRFranchisingLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRFranchisingLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGROperationsLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGROperationsLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRArlingtonLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRArlingtonLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRCascadesLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRCascadesLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRDupontLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRDupontLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGROldKeeneMillLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGROldKeeneMillLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGROldTownLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGROldTownLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRPotomacLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRPotomacLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRSpringfieldMallLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRSpringfieldMallLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRTysonsLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRTysonsLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRWashingtonianLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRWashingtonianLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:CapitolBurgerLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:CapitolBurgerLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRMosaicLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRMosaicLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRMichiganAveLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRMichiganAveLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRChevyChaseLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRChevyChaseLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BTBurgerAcquisitionLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BTBurgerAcquisitionLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BTsBurgerjointBiltmoreLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BTsBurgerjointBiltmoreLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BTsBurgerjointPromenadeLLCMember 2016-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BTsBurgerjointPromenadeLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BTsBurgerjointRivergateLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BTsBurgerjointRivergateLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BTsBurgerjointSunValleyLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:BTsBurgerjointSunValleyLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:LBBAcquisitionLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:LBBAcquisitionLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:CuartoLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:CuartoLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:LBBAcquisitionOneLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:LBBAcquisitionOneLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:LBBGreenLakeLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:LBBGreenLakeLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:LBBHassaloLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:LBBHassaloLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:LBBPlatformLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:LBBPlatformLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:LBBProgressRidgeLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:LBBProgressRidgeLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:NovenoLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:NovenoLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:OctavoLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:OctavoLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:PrimeroLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:PrimeroLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:QuintoLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:QuintoLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:SegundoLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:SegundoLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:SeptimoLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:SeptimoLLCMember 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:SextoLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:BurgerBusinessMember HOTR:SextoLLCMember 2017-03-31 0001106838 HOTR:JustFreshMember HOTR:JFFranchisingSystemsLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:JustFreshMember HOTR:JFFranchisingSystemsLLCMember 2017-03-31 0001106838 HOTR:JustFreshMember HOTR:JFRestaurantsLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:JustFreshMember HOTR:JFRestaurantsLLCMember 2017-03-31 0001106838 HOTR:WestCoastHootersMember HOTR:JantzenBeachWingsLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:WestCoastHootersMember HOTR:JantzenBeachWingsLLCMember 2017-03-31 0001106838 HOTR:WestCoastHootersMember HOTR:OregonOwlsNestLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:WestCoastHootersMember HOTR:OregonOwlsNestLLCMember 2017-03-31 0001106838 HOTR:WestCoastHootersMember HOTR:TacomaWingsLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:WestCoastHootersMember HOTR:TacomaWingsLLCMember 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:ChanticleerSouthAfricaPtyLtdMember 2017-01-01 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:ChanticleerSouthAfricaPtyLtdMember 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:HootersEmperorsPalacePtyLtdMember 2017-01-01 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:HootersEmperorsPalacePtyLtdMember 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:HootersOnTheBuzzPtyLtdMember 2017-01-01 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:HootersOnTheBuzzPtyLtdMember 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:HootersPEPtyLtdMember 2017-01-01 2017-03-31 0001106838 HOTR:SouthAfricanHootersMember HOTR:HootersPEPtyLtdMember 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:HootersRuimsigPtyLtdMember 2017-01-01 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:HootersRuimsigPtyLtdMember 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:HootersSAPtyLtdMember 2017-01-01 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:HootersSAPtyLtdMember 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:HootersUmhlangaPtyLtdMember 2017-01-01 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:HootersUmhlangaPtyLtdMember 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:HootersWillowsCrossingPtyLtdMember 2017-01-01 2017-03-31 0001106838 HOTR:SouthAfricanEntitiesMember HOTR:HootersWillowsCrossingPtyLtdMember 2017-03-31 0001106838 HOTR:EuropeanEntitiesMember HOTR:ChanticleerHoldingsLimitedMember 2017-01-01 2017-03-31 0001106838 HOTR:EuropeanEntitiesMember HOTR:ChanticleerHoldingsLimitedMember 2017-03-31 0001106838 HOTR:EuropeanEntitiesMember HOTR:WestEndWingsLTDMember 2017-01-01 2017-03-31 0001106838 HOTR:EuropeanEntitiesMember HOTR:WestEndWingsLTDMember 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:HootSurfersParadisePtyLtdMember 2017-01-01 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:HootSurfersParadisePtyLtdMember 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:HootersBrazilMember 2017-01-01 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:HootersBrazilMember 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:DineOutSALtdMember 2017-01-01 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:DineOutSALtdMember 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:AvenelFinancialServicesLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:AvenelFinancialServicesLLCMember 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:AvenelVenturesLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:AvenelVenturesLLCMember 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:ChanticleerAdvisorsLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:ChanticleerAdvisorsLLCMember 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:ChanticleerInvestmentPartnersLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:ChanticleerInvestmentPartnersLLCMember 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:DallasSpoonBeverageLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:DallasSpoonBeverageLLCMember 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:DallasSpoonLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:DallasSpoonLLCMember 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:AmericanRoadsideCrossHillLLCMember 2017-01-01 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:AmericanRoadsideCrossHillLLCMember 2017-03-31 0001106838 2016-01-01 2016-03-31 0001106838 HOTR:LongTermDebtAndNotesPayableSixMember 2017-03-31 0001106838 HOTR:LongTermDebtAndNotesPayableSixMember 2016-12-31 0001106838 HOTR:BurgerBusinessMember HOTR:BGRAcquisitionOneLLCMember 2017-03-31 0001106838 HOTR:HootersFullServiceMember 2017-03-31 0001106838 HOTR:BetterBurgersFastCasualMember 2017-03-31 0001106838 HOTR:JustFreshFastCasualMember 2017-03-31 0001106838 HOTR:HootersFullServiceMember 2016-12-31 0001106838 HOTR:BetterBurgersFastCasualMember 2016-12-31 0001106838 HOTR:JustFreshFastCasualMember 2016-12-31 0001106838 us-gaap:FranchiseRightsMember HOTR:HootersSouthAfricaMember 2017-03-31 0001106838 us-gaap:FranchiseRightsMember HOTR:HootersUKMember 2017-03-31 0001106838 us-gaap:FranchiseRightsMember HOTR:HootersSouthAfricaMember 2016-12-31 0001106838 us-gaap:FranchiseRightsMember HOTR:HootersUKMember 2016-12-31 0001106838 us-gaap:FranchiseRightsMember HOTR:HootersSouthAfricaMember 2017-01-01 2017-03-31 0001106838 us-gaap:FranchiseRightsMember HOTR:HootersUKMember 2017-01-01 2017-03-31 0001106838 HOTR:FloridaMezzanineFundMember 2017-03-31 0001106838 HOTR:LenderMember 2017-01-01 2017-03-31 0001106838 HOTR:LenderMember 2017-03-31 0001106838 HOTR:RedeemableSeriesOnePreferredStockMember 2017-01-01 2017-03-31 0001106838 HOTR:SeriesOneWarrantMember 2017-03-31 0001106838 HOTR:SeriesOnePreferredStockMember 2017-01-01 2017-03-31 0001106838 HOTR:RedeemableSeriesOnePreferredStockMember 2017-03-31 0001106838 HOTR:SeriesOnePreferredStockMember 2017-03-31 0001106838 us-gaap:PreferredStockMember 2017-01-01 2017-03-31 0001106838 us-gaap:PreferredStockMember 2016-02-01 2016-02-29 0001106838 us-gaap:PreferredStockMember 2016-02-29 0001106838 HOTR:EmployeeBoardMembersAndOutsideConsultantsMember 2017-01-01 2017-03-31 0001106838 HOTR:EmployeeMember 2017-01-01 2017-03-31 0001106838 HOTR:ChanticleerHoldingsIncMember 2017-01-01 2017-03-31 0001106838 HOTR:ChanticleerHoldingsIncMember 2017-03-31 0001106838 HOTR:OfficeFurnitureAndFixturesMember 2016-12-31 0001106838 2016-03-31 0001106838 2015-12-31 0001106838 HOTR:MayTwoThousandSeventeenMember 2017-01-01 2017-03-31 0001106838 HOTR:EuropeanEntitiesMember HOTR:ChanticleerFinanceUKNoOnePlcMember 2017-01-01 2017-03-31 0001106838 HOTR:EuropeanEntitiesMember HOTR:ChanticleerFinanceUKNoOnePlcMember 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:UKBondCompanyMember 2017-01-01 2017-03-31 0001106838 HOTR:InactiveEntitiesMember HOTR:UKBondCompanyMember 2017-03-31 0001106838 2016-01-01 2016-12-31 0001106838 HOTR:MayFourTwoThousandSeventeenMember 2017-03-31 0001106838 HOTR:LenderMember 2017-02-01 2017-02-28 0001106838 HOTR:LenderMember HOTR:TwoHundredAndTenDaysMember 2017-02-01 2017-02-28 0001106838 HOTR:LenderMember HOTR:OneHundredAndTwentyDaysMember 2017-02-01 2017-02-28 0001106838 HOTR:LenderMember HOTR:TwoHundredAndFourtyDaysMember 2017-01-01 2017-03-31 0001106838 HOTR:SecuritiesPurchaseAgreementMember HOTR:DebenturesMember HOTR:MayFourTwoThousandSeventeenMember 2017-03-31 0001106838 HOTR:SecuritiesPurchaseAgreementMember HOTR:WarrantsSharesMember HOTR:MayFourTwoThousandSeventeenMember 2017-03-31 0001106838 HOTR:SecuritiesPurchaseAgreementMember HOTR:DebenturesMember HOTR:MayFourTwoThousandSeventeenMember 2017-01-01 2017-03-31 0001106838 HOTR:FloridaMezzanineMember 2017-01-01 2017-03-31 0001106838 HOTR:FloridaMezzanineMember 2017-03-31 0001106838 HOTR:TwoPercentageNotesMember 2017-01-01 2017-03-31 0001106838 HOTR:ConvertibleNotesMember 2017-03-31 0001106838 HOTR:ConvertibleNotesMember 2017-01-01 2017-03-31 0001106838 HOTR:FloridaMezzanineFundMember us-gaap:SubsequentEventMember 2017-01-01 2017-03-31 0001106838 us-gaap:SubsequentEventMember HOTR:SecuritiesPurchaseAgreementMember 2017-05-04 0001106838 us-gaap:SubsequentEventMember HOTR:SecuritiesPurchaseAgreementMember 2017-01-01 2017-03-31 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure HOTR:Stores 10-Q false 2017-03-31 Q1 Chanticleer Holdings, Inc. --12-31

9859997

1384394

7912094

563509

8229146

1214056

668574

3173912

5551651

1361213

25000

10111776

3135463

5316287

1383257

24990

9859997

10111776

-989388

-57061

-941072

8745

-865812

-60057

19786

50820

-68397

-73208

-815298

-906083

-42846

-169110

63640

-841072

-989388

-906083

12438151

12405770

70604

4493548

7448848

495755

4461167

7448848

495755

12702139

194350

Long-term debt and notes payable are summarized as follows.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; line-height: 115%">Note Payable, due January 2017, net of discount of $0 and $171,868, respectively (b)</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">5,000,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">5,000,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Note Payable, due April 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">707,231</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">725,231</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Note Payable, due October 2018</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">85,974</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">85,974</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Mortgage Note, South Africa, due July 2024</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">213,685</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">215,962</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Bank overdraft facilities, South Africa, annual renewal</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">161,647</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">124,598</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Equipment financing arrangements, South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">133,984</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">145,430</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Receivables financing facilities (a)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">495,898</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">161,899</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Total long-term debt</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">6,798,419</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">6,459,094</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Current portion of long-term debt</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">784,628</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">6,171,649</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Long-term debt, less current portion</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">6,013,791</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">287,445</td> <td style="line-height: 115%"> </td></tr> </table>   For the three months ended March 31, 2017 and 2016 amortization of debt discount was $0 and $42,969 respectively.   a) During February 2017, in consideration for proceeds of $330,000, the Company agreed to remit a total of $412,500 from the merchant accounts of eight of its restaurant locations directly to a lender. The Company agreed to make payments of $1,965 per day for 210 days. The Company has the option to payoff the loan early by remitting a total of $372,900 by the 120th day.   Also, during March 2017 in consideration for proceeds of $150,000, the Company agreed to remit a total of $205,500 from the merchant accounts of three of its restaurant locations directly to the lender. The Company agreed to make payments of $856.25 per day for 240 days.   The Company granted a security interest in the credit card receivables of the specified restaurants in connection with the Receivables Financing Agreements.   b) On May 4, 2017, pursuant to a Securities Purchase Agreement (“Purchase Agreement”), the Company issued 8% non-convertible secured debentures in the principal amount of $6,000,000 (“Debentures”) and warrants to purchase 12,000,000 shares of common stock (“Warrant Shares”) to accredited investors. The Debentures bear interest at a rate of 8% per annum, payable in cash quarterly in arrears. The Debentures mature on December 31, 2018. The Debentures contain customary financial and other covenants, including a requirement to maintain positive Earnings before interest, taxes, depreciation and amortization. The Warrants expire on the tenth anniversary of the Closing Date and have an exercise price equal to $0.35. The Warrants are not exercisable until six months after the Closing Date. The Warrant Shares have registration rights, and, if not registered, the holders will have the right to cashless exercise.   In conjunction with the financing described above, the Company entered into a Satisfaction, Settlement and Release Agreement with Florida Mezzanine Fund LLLP, a Florida limited liability partnership (“Florida Mezz”), pursuant to which Florida Mezz agreed to release the Company from all claims and outstanding obligations pursuant to that certain Assumption Agreement dated June 30, 2014, as amended October 15, 2014 and October 22, 2016, and that certain Agreement dated May 23, 2016, as amended January 30, 2017, in exchange for payment of $5,000,000.   Five million of the net proceeds from the offering were remitted to Florida Mezz, $500,000 will be reserved to fund the opening of new stores, and the balance of $206,746, after transaction expenses, will be used for working capital and general corporate purposes.   As a result of the issuance of the debentures and the settlement of the Florida Mezz obligations subsequent to March 31, 2016, the $5 million notes payable are no longer outstanding, the company’s’ share repurchase obligation from Florida Mezz has been terminated and Florida Mezz waived unpaid interest and penalties previously recorded in the Company’s consolidated financial statements. As a result, as of March 31, 2017, the $5 million note payable has been reclassified from current liabilities to non-current in the accompanying consolidated balance sheet. In addition, for the Company’s reporting period ended June 30, 2017, the shares subject to repurchase will be reclassified from temporary equity to permanent capital and the amounts accrued for interest and penalties will be reversed effective as of May 14, 2017. See Note 15 Subsequent Events.

Convertible Notes payable are summarized as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; line-height: 115%">6% Convertible notes payable due June 2018</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">3,000,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">3,000,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">8% Convertible notes payable due March 2019</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">8% Convertible notes payable due March 2019</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">150,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">150,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Discounts on above convertible note</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(46,936</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">8% Convertible notes payable due March 2019</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">420,108</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">475,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Discounts on above convertible note</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(296,086</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Total Convertible notes payable</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,374,022</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,678,064</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Current portion of convertible notes payable</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Convertible notes payable, less current portion</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">3,374,022</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">3,678,064</td> <td style="line-height: 115%"> </td></tr> </table>

Accounts payable and accrued expenses are summarized as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Accounts payable and accrued expenses</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">3,901,520</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">3,807,880</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accrued taxes (VAT, Sales Payroll)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">816,266</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">988,056</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Accrued income taxes</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">16,416</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">71,713</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accrued interest</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">531,164</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">685,419</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">5,265,366</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">5,553,068</td> <td style="line-height: 115%"> </td></tr> </table>

14780865

9506304

3772674

178770

9072034

5233684

475137

13457748

12. RELATED PARTY TRANSACTIONS   Due to related parties   The Company has received non-interest bearing, short-term advances Chanticleer Investors, LCC, a related party, in the amount of $194,350 as of March 31, 2017 and December 31, 2016 The amount owed to Chanticleer Investors LLC is related to cash distributions received from Chanticleer Investors LLC’s interest Hooters of America which is payable to the Company’s co-investors in that investment.

122694

363159

4000000

-102791

9072032

9222032

9072032

P1Y4M24D

P1Y3M18D

P2Y4M24D

P2Y9M18D

P4Y

P1Y4M24D

3.00

2.00

1.00

4.00

3.99

2.99

1.99

7289631

499901

779500

503000

9072032

7289631

499901

779500

503000

9072032

480000 HOTR

5000000

62876

19050

62876

19050

62876

0.0001

45000000

22149108

21337247

22149108

21337247

404136

600926

1375620

1674880

14435

7555

5674560

5515013

3191390 3249970

75786

182552

24990

25000

106067 99534

9653154

9804690

593380

129276

365131

75123

910

570440

136180

376631

79726

843

593380

570440

P10Y

P20Y

22106236

21337247

19185340

10363996

6716926

582265

68303

826664

10714841

6846679

68303

844965

108030

18666184

602522

108030

7686565

7152491

70604

7527649

1761932

5776930

88826

1750719

1010000

1786930

5776930

1320000

1430000

7538862

1010000

1786930

1430000

1550000

329393

12500

322258

30848

1085809

1008619

6798419

5000000

725231

85974

215962

124598

145430

5000000

725231

85974

213685

161647

133984

6459094

495898

161899

206746

The following are revenues and operating income (loss) from continuing operations by segment as of and for the periods presented. The Company does not aggregate or review non-current assets at the segment level.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="text-align: center; line-height: 115%">Three Months Ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">Revenue:</td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%; padding-left: 10pt; line-height: 115%">Hooters Full Service</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 17%; text-align: right; line-height: 115%">3,135,463</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 17%; text-align: right; line-height: 115%">3,173,912</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Better Burgers Fast Casual</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5,316,287</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5,551,651</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Just Fresh Fast Casual</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,383,257</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,361,213</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Corporate and Other</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">24,990</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">25,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,859,997</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">10,111,776</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Operating Income (Loss):</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Hooters Full Service</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">(42,846</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">50,820</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Better Burgers Fast Casual</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(169,110</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(68,397</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Just Fresh Fast Casual</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">63,640</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(73,208</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Corporate and Other</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(841,072</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(815,298</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(989,388</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(906,083</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Depreciation and Amortization</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Hooters Full Service</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">136,180</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">129,277</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Better Burgers Fast Casual</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">376,631</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">365,131</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Just Fresh Fast Casual</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">79,726</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">75,123</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Corporate and Other</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">843</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">910</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">593,380</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">570,441</td> <td style="line-height: 115%"> </td></tr> </table>

The following are revenues and operating income (loss) from continuing operations and non-current assets by geographic region as of and for the periods presented.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="text-align: center; line-height: 115%">Three Months Ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">Revenue:</td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 10pt; line-height: 115%">United States</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">7,912,094</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">8,229,146</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,384,394</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,214,056</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Europe</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">563,509</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">668,574</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,859,997</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">10,111,776</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Operating Income (Loss):</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">United States</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">(941,072</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">(865,812</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(57,061</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(60,057</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Europe</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">8,745</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">19,786</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(989,388</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(906,083</td> <td style="line-height: 115%">)</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Non-current Assets:</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%; padding-left: 10pt; line-height: 115%">United States</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">26,761,752</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">26,812,062</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2,517,644</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2,519,135</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Europe</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">2,364,896</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">2,361,246</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">31,644,292</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">31,692,443</td> <td style="line-height: 115%"> </td></tr> </table>

562900

19050

43826

-150000

4.95 4.98 6.75 Indefinite Indefinite Indefinite

-572654

216498

-15792

219725

-32233

-615662

-231283

627014

-19526

-74802

-14055

-207532

-572654

141498

-75000

450641

256975

-450641

-329190

10110

4468

1022430

-134341

-375000 -13017

4779

10783

194069

136575

512780

150000

330000

500000

335699

31728

32381

-429165

72215

1611

75776

82235

March 2019

June 2018

4.95

The following table summarizes the number of common shares potentially issuable upon the exercise of certain warrants, convertible notes payable and convertible interest as of March 31, 2017 and 2016 that have been excluded from the calculation of diluted net loss per common share since the effect would be antidilutive.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%; line-height: 115%">Warrants -Weighted avg exercise price $4.95</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 17%; text-align: right; line-height: 115%">9,072,032</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 17%; text-align: right; line-height: 115%">9,506,304</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Convertible notes - Weighted avg conversion price $0.67</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5,233,684</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,772,674</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Accrued interest on convertible notes</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">475,137</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">178,770</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">14,780,863</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">13,457,748</td> <td style="line-height: 115%"> </td></tr> </table>

Goodwill is summarized by location as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; line-height: 115%">Hooters Full Service</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">4,493,548</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">4,461,167</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Better Burgers Fast Casual</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">7,448,848</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">7,448,848</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Just Fresh Fast Casual</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">495,755</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">495,755</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">12,438,151</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">12,405,770</td> <td style="line-height: 115%"> </td></tr> </table>

The changes in the carrying amount of goodwill are summarized as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; line-height: 115%">Beginning Balance</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">12,405,770</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">12,702,139</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Acquisitions</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">70,604</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Adjustments</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">62,192</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Foreign currency translation (loss) gain</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">32,381</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(429,165</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Ending Balance</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">12,438,151</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">12,405,770</td> <td style="line-height: 115%"> </td></tr> </table>

Other intangible assets, consisting of franchise costs, trademarks and tradenames, is summarized by location as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Estimated Useful Life</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Trademark, Tradenames:</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-left: 10pt; line-height: 115%">Just Fresh</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: center; line-height: 115%">10 years</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">1,010,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">1,010,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">American Roadside Burger</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">10 years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,786,930</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,786,930</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">BGR: The Burger Joint</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Indefinte</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,430,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,430,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Little Big Burger</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Indefinte</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,550,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,550,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">5,776,930</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">5,776,930</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Franchise fees:</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Hooters South Africa</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">20 years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">329,393</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">322,258</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Hooters Pacific NW</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">20 years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">88,826</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">88,826</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">BGR: The Burger Joint</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Indefinite</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,320,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,320,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Hooters UK</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">20 years</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">12,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">30,848</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,750,719</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,761,932</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Total Intangibles at cost</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">7,527,649</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">7,538,862</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accumulated amortization</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(1,085,809</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(1,008,619</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Intangible assets, net</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">6,441,840</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">6,530,243</td> <td style="line-height: 115%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="text-align: center; line-height: 115%">Periods Ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%; line-height: 115%">Amortization expense</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="width: 15%; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">75,776</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="width: 15%; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">82,235</td> <td style="width: 1%; line-height: 115%"> </td></tr> </table>

277820

268575

906850

1224415

-46936

175478

-80697

10849385

11017859

615662

-362822

12234

7736

-754724

22472

-1744112

-883611

3797

33987

-1747909

-917598

-679381

-1747909

-1596979

9245

-317565

-679381

10778

258215

86126

1303379

526825

1505942

62192

0.30

531164

685419

16416

71713

816266

988056

3901520

3807880

The major line items comprising the loss of discontinued operations are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="text-align: center; line-height: 115%">Period Ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; line-height: 115%">Revenue</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">-</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">1,505,942</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Restaurant cost of sales</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">526,825</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Restaurant operating expenses</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,303,379</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">General and administrative expenses</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">      -</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">86,126</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Depreciation and amortization</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">258,215</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Other</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">10,778</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Loss of discontinued operations</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(679,381</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Loss on write-down of net assets</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Total pretax loss of discontinued operations</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(679,381</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Income tax</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Loss on discontinued operations</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(679,381</td> <td style="line-height: 115%">)</td></tr> </table>

-679381

31644292

26812062

2519135

2361246

26761752

2517644

2364896

31692443

0001106838

-1727066

-1425363

362822

175000

1200000

12000000

0.62

13.50

0.09

P7Y 0.20 P5Y

-20843 -171616

American Roadside Burgers, Inc.

American Roadside McBee, LLC

American Burger Morehead, LLC

American Burger Ally, LLC

BGR Acquisition, LLC

American Roadside Southpark LLC

American Roadside Burgers Smithtown, Inc.

American Burger Prosperity, LLC

BGR Acquisition 1, LLC

BGR Franchising, LLC

BGR Operations, LLC

BGR Arlington, LLC

BGR Cascades, LLC

BGR Dupont, LLC

BGR Old Keene Mill, LLC

BGR Old Town, LLC

BGR Potomac, LLC

BGR Springfield Mall, LLC

BGR Tysons, LLC

BGR Washingtonian, LLC

Capitol Burger, LLC

BGR Mosaic, LLC

BGR Michigan Ave, LLC

BGR Chevy Chase, LLC

BT Burger Acquisition, LLC

BT’s Burgerjoint Biltmore, LLC

BT’s Burgerjoint Promenade, LLC

BT’s Burgerjoint Rivergate LLC

BT’s Burgerjoint Sun Valley, LLC

LBB Acquisition, LLC

Cuarto LLC

LBB Acquisition 1 LLC

LBB Green Lake LLC

LBB Hassalo LLC

LBB Platform LLC

LBB Progress Ridge LLC

Noveno LLC

Octavo LLC

Primero LLC

Quinto LLC

Segundo LLC

Septimo LLC

Sexto LLC

JF Franchising Systems, LLC

JF Restaurants, LLC

Jantzen Beach Wings, LLC

Oregon Owl’s Nest, LLC

Tacoma Wings, LLC

Chanticleer South Africa (Pty) Ltd.

Hooters Emperors Palace (Pty.) Ltd.

Hooters On The Buzz (Pty) Ltd

Hooters PE (Pty) Ltd

Hooters Ruimsig (Pty) Ltd.

Hooters SA (Pty) Ltd

Hooters Umhlanga (Pty.) Ltd.

Hooters Willows Crossing (Pty) Ltd

Chanticleer Holdings Limited

West End Wings LTD

Hoot Surfers Paradise Pty. Ltd.

Hooters Brazil

DineOut SA Ltd.

Avenel Financial Services, LLC

Avenel Ventures, LLC

Chanticleer Advisors, LLC

Chanticleer Investment Partners, LLC

Dallas Spoon Beverage, LLC

Dallas Spoon, LLC

American Roadside Cross Hill, LLC

CHANTICLEER HOLDINGS, INC.

Chanticleer Finance UK (No. 1) Plc

UK Bond Company

DE, USA NC, USA NC, USA NC, USA NC, USA NC, USA DE, USA NC, USA NC, USA VA, USA VA, USA VA, USA VA, USA DC, USA VA, USA VA, USA MD, USA VA, USA VA, USA MD, USA MD, USA VA, USA DC, USA MD, USA NC, USA NC, USA NC, USA NC, USA NC, USA NC, USA OR, USA OR, USA OR, USA OR, USA OR, USA OR, USA OR, USA OR, USA OR, USA OR, USA OR, USA OR, USA OR, USA NC, USA NC, USA OR, USA OR, USA WA, USA South Africa South Africa South Africa South Africa South Africa South Africa South Africa South Africa Jersey United Kingdom Australia Brazil England NV, USA NV, USA NV, USA NV, USA TX, USA TX, USA NC, USA DE, USA United Kingdom United Kingdom

1.00

0.50

0.80

0.50

1.00

0.56

1.00

0.88

0.95

1.00

0.90

0.81

1.00

0.60

1.00

0.89

1.00

100

The Company operates on a calendar year-end. The accounts of Hooters Nottingham (“WEW”), are consolidated based on a 13 and 26 week periods ending on the Sunday closest to each March 31. No events occurred related to the difference between the Company’s reporting calendar period-end and the subsidiary’s period end that materially affected the company’s financial position, results of operations, or cash flows.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%">Name</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Jurisdiction of Incorporation</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Percent Owned</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">Name</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Jurisdiction of Incorporation</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Percent Owned</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">CHANTICLEER HOLDINGS, INC.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">DE, USA</td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Burger Business</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">Just Fresh</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 29%; padding-left: 10pt; line-height: 115%">American Roadside Burgers, Inc.</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 13%; line-height: 115%">DE, USA</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 5%; text-align: right; line-height: 115%">100</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 26%; padding-left: 10pt; line-height: 115%">JF Franchising Systems, LLC</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 13%; line-height: 115%">NC, USA</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 5%; text-align: right; line-height: 115%">56</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt; line-height: 115%">ARB Stores</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">JF Restaurants, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">56</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">American Burger Ally, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">American Burger Morehead, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">West Coast Hooters</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">American Roadside McBee, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Jantzen Beach Wings, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">American Roadside Southpark LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Oregon Owl’s Nest, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">American Roadside Burgers Smithtown, Inc.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">DE, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Tacoma Wings, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">WA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">American Burger Prosperity, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt; line-height: 115%">BGR Acquisition, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South African Entities</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt; line-height: 115%">BGR Acquisition 1, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Chanticleer South Africa (Pty) Ltd.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">BGR Franchising, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters Emperors Palace (Pty.) Ltd.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">88</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">BGR Operations, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters On The Buzz (Pty) Ltd</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">95</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 40pt; line-height: 115%">BGR Arlington, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters PE (Pty) Ltd</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 40pt; line-height: 115%">BGR Cascades, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters Ruimsig (Pty) Ltd.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 40pt; line-height: 115%">BGR Dupont, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">DC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters SA (Pty) Ltd</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">78</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 40pt; line-height: 115%">BGR Old Keene Mill, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters Umhlanga (Pty.) Ltd.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">90</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 40pt; line-height: 115%">BGR Old Town, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters Willows Crossing (Pty) Ltd</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 40pt; line-height: 115%">BGR Potomac, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">MD, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 40pt; line-height: 115%">BGR Springfield Mall, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">European Entities</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 40pt; line-height: 115%">BGR Tysons, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Chanticleer Holdings Limited</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">Jersey</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 40pt; line-height: 115%">BGR Washingtonian, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">MD, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">West End Wings LTD</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">United Kingdom</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 40pt; line-height: 115%">Capitol Burger, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">MD, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Chanticleer Finance UK (No. 1) Plc</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">United Kingdom</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 40pt; line-height: 115%">BGR Mosaic, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 40pt; line-height: 115%">BGR Michigan Ave, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">DC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">Inactive Entities</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 40pt; line-height: 115%">BGR Chevy Chase, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">MD, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hoot Surfers Paradise Pty. Ltd.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">Australia</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">60</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt; line-height: 115%">BT Burger Acquisition, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters Brazil</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">Brazil</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">BT’s Burgerjoint Biltmore, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">DineOut SA Ltd.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">England</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">89</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">BT’s Burgerjoint Promenade, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Avenel Financial Services, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NV, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">BT’s Burgerjoint Rivergate LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Avenel Ventures, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NV, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">BT’s Burgerjoint Sun Valley, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Chanticleer Advisors, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NV, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt; line-height: 115%">LBB Acquisition, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Chanticleer Investment Partners, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">Cuarto LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Dallas Spoon Beverage, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">TX, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">LBB Acquisition 1 LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Dallas Spoon, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">TX, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">LBB Green Lake LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">50</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">American Roadside Cross Hill, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">LBB Hassalo LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">80</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">UK Bond Company</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">United Kingdom</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">LBB Platform LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">80</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">LBB Progress Ridge LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">50</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">Noveno LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">Octavo LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">Primero LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">Quinto LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">Segundo LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">Septimo LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">Sexto LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> </table>

24743015 Smaller Reporting Company

3374022

3678064

3572431

3678064

0 46936

0.08

725000

3000000

100000

150000

3000000

100000

150000

475000

420108

3572431

3678064

150000

62876

19050

62876

19050

562900 562900 562900 562900

591651

150000 72215 70604 1611

1965

372900

856

5000000

This put right originally expired in January 2017 and was subsequently extended to March 31, 2017.

2018-06-30

2018-12-31

205500

412500

P2Y

325340

150000

3674660

P0Y P1Y4M24D

33215370

33486123

465525

442737

800000

6441840

6530243

11498775

11513693

1571078

1793680

424231

461074

520024

539550

349003

524481

6013791

287445

6359556

12111291

100260

173775

14952

18449

784628

6171649

5265366

5553068

589314

257175

2051057

1961751

1485554

19873294

19781280

349000

33215370

33486123

958074

791417

12035002

12564426

-43957536

-42206325

-1108828

-1155658

57099151

55924269

2215

2140

1. Nature of Business   Organization   Chanticleer Holdings, Inc. and its subsidiaries (together, the “Company”) are in the business of owning, operating and franchising fast casual dining concepts domestically and internationally.   The consolidated financial statements include the accounts of Chanticleer Holdings, Inc. and its subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation.   The Company operates on a calendar year-end. The accounts of Hooters Nottingham (“WEW”), are consolidated based on a 13 and 26 week periods ending on the Sunday closest to each March 31. No events occurred related to the difference between the Company’s reporting calendar period-end and the subsidiary’s period end that materially affected the company’s financial position, results of operations, or cash flows.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%">Name</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Jurisdiction of Incorporation</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Percent Owned</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">Name</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Jurisdiction of Incorporation</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Percent Owned</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">CHANTICLEER HOLDINGS, INC.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">DE, USA</td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Burger Business</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">Just Fresh</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 29%; padding-left: 10pt; line-height: 115%">American Roadside Burgers, Inc.</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 13%; line-height: 115%">DE, USA</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 5%; text-align: right; line-height: 115%">100</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 26%; padding-left: 10pt; line-height: 115%">JF Franchising Systems, LLC</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 13%; line-height: 115%">NC, USA</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 5%; text-align: right; line-height: 115%">56</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt; line-height: 115%">ARB Stores</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">JF Restaurants, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">56</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">American Burger Ally, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">American Burger Morehead, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">West Coast Hooters</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">American Roadside McBee, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Jantzen Beach Wings, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">American Roadside Southpark LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Oregon Owl’s Nest, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">American Roadside Burgers Smithtown, Inc.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">DE, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Tacoma Wings, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">WA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">American Burger Prosperity, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt; line-height: 115%">BGR Acquisition, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South African Entities</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt; line-height: 115%">BGR Acquisition 1, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Chanticleer South Africa (Pty) Ltd.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">BGR Franchising, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters Emperors Palace (Pty.) Ltd.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">88</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">BGR Operations, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters On The Buzz (Pty) Ltd</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">95</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 40pt; line-height: 115%">BGR Arlington, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters PE (Pty) Ltd</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 40pt; line-height: 115%">BGR Cascades, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters Ruimsig (Pty) Ltd.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 40pt; line-height: 115%">BGR Dupont, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">DC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters SA (Pty) Ltd</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">78</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 40pt; line-height: 115%">BGR Old Keene Mill, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters Umhlanga (Pty.) Ltd.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">90</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 40pt; line-height: 115%">BGR Old Town, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters Willows Crossing (Pty) Ltd</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 40pt; line-height: 115%">BGR Potomac, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">MD, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 40pt; line-height: 115%">BGR Springfield Mall, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">European Entities</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 40pt; line-height: 115%">BGR Tysons, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Chanticleer Holdings Limited</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">Jersey</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 40pt; line-height: 115%">BGR Washingtonian, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">MD, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">West End Wings LTD</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">United Kingdom</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 40pt; line-height: 115%">Capitol Burger, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">MD, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Chanticleer Finance UK (No. 1) Plc</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">United Kingdom</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 40pt; line-height: 115%">BGR Mosaic, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">VA, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 40pt; line-height: 115%">BGR Michigan Ave, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">DC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">Inactive Entities</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 40pt; line-height: 115%">BGR Chevy Chase, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">MD, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hoot Surfers Paradise Pty. Ltd.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">Australia</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">60</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt; line-height: 115%">BT Burger Acquisition, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Hooters Brazil</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">Brazil</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">BT’s Burgerjoint Biltmore, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">DineOut SA Ltd.</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">England</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">89</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">BT’s Burgerjoint Promenade, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Avenel Financial Services, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NV, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">BT’s Burgerjoint Rivergate LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Avenel Ventures, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NV, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">BT’s Burgerjoint Sun Valley, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Chanticleer Advisors, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NV, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt; line-height: 115%">LBB Acquisition, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Chanticleer Investment Partners, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">Cuarto LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Dallas Spoon Beverage, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">TX, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">LBB Acquisition 1 LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">Dallas Spoon, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">TX, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">LBB Green Lake LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">50</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">American Roadside Cross Hill, LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">NC, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">LBB Hassalo LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">80</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="padding-left: 10pt; line-height: 115%">UK Bond Company</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">United Kingdom</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">LBB Platform LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">80</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">LBB Progress Ridge LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">50</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">Noveno LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">Octavo LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">Primero LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">Quinto LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">Segundo LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 30pt; line-height: 115%">Septimo LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 30pt; line-height: 115%">Sexto LLC</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">OR, USA</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> </table>   GENERAL   The accompanying condensed consolidated financial statements included in this report have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting and include all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation. These condensed consolidated financial statements have not been audited. The results of operations for the three month periods ended March 31, 2017 are not necessarily indicative of the operating results for the full year.   Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations for interim reporting. The Company believes that the disclosures contained herein are adequate to make the information presented not misleading. However, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on March 31, 2017. Certain amounts for the prior year have been reclassified to conform to the current year presentation.   LIQUIDITY AND CAPITAL RESOURCES   As of March 31, 2017, our cash balance was $0.3 million, our working capital was negative $4.8 million. The level of additional cash needed to fund operations and our ability to conduct business for the next twelve months will be influenced primarily by the following factors:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; line-height: 115%"> </td> <td style="width: 24px; line-height: 115%">●</td> <td style="text-align: justify; line-height: 115%">our ability to access the capital and debt markets to satisfy current obligations and operate the business;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">●</td> <td style="line-height: 115%">our ability to refinance or otherwise extend maturities of current debt obligations;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">●</td> <td style="text-align: justify; line-height: 115%">the level of investment in acquisition of new restaurant businesses and entering new markets;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">●</td> <td style="text-align: justify; line-height: 115%">our ability to manage our operating expenses and maintain gross margins as we grow:</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">●</td> <td style="text-align: justify; line-height: 115%">popularity of and demand for our fast-casual dining concepts; and</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">●</td> <td style="text-align: justify; line-height: 115%">general economic conditions and changes in consumer discretionary income.</td></tr> </table>   We have typically funded our operating costs, acquisition activities, working capital requirements and capital expenditures with proceeds from the issuances of our common stock and other financing arrangements, including convertible debt, lines of credit, notes payable, capital leases, and other forms of external financing.   Our operating plans for the next twelve months contemplate moderate organic growth, opening 6-10 new company stores within our current markets and restaurant concepts, the majority of which will utilize funds already committed from outside investors. As we execute our growth plans over the next twelve months, we intend to carefully monitor the impact of growth on our working capital needs and cash balances relative to the availability of cost-effective debt and equity financing.   We have obligations that are currently due or otherwise payable within the next twelve months from date of issuance of these financial statements. In the event that capital is not available, we may then have to scale back or freeze our growth plans, sell assets on less than favorable terms, reduce expenses, and/or curtail future acquisition plans to manage our liquidity and capital resources. We may also incur financial penalties or other negative actions from our lenders if we are not able to refinance or otherwise extend or repay our current obligations or obtain waivers.   During March 2017, we extended the payment terms of our convertible debt obligations. During May 2017, we completed a new $6 million private placement of 8% debentures and warrants, the proceeds of which were used to repay, settle and release the $5 million note payable and related obligations to Florida Mezzanine Fund and to provide additional working capital for new store openings and operations.   The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

2. SIGNIFICANT ACCOUNTING POLICIES   There have been no material changes to our significant accounting policies previously disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2016.   USE OF ESTIMATES   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include the valuation of the investments in portfolio companies, deferred tax asset valuation allowances, valuing options and warrants using the Binomial Lattice and Black Scholes models, intangible asset valuations and useful lives, depreciation and uncollectible accounts and reserves. Actual results could differ from those estimates.   REVENUE RECOGNITION   Revenue is recognized when all of the following criteria have been satisfied:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 72px; line-height: 115%"> </td> <td style="width: 24px; line-height: 115%">●</td> <td style="line-height: 115%">Persuasive evidence of an arrangement exists;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">●</td> <td style="line-height: 115%">Delivery has occurred or services have been rendered;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">●</td> <td style="line-height: 115%">The seller’s price to the buyer is fixed or determinable; and</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">●</td> <td style="line-height: 115%">Collectability is reasonably assured.</td></tr> </table>   Restaurant Net Sales and Food and Beverage Costs   The Company records revenue from restaurant sales at the time of sale, net of discounts, coupons, employee meals, and complimentary meals and gift cards. Sales, value added tax (“VAT”) and goods and services tax (“GST”) collected from customers and remitted to governmental authorities are presented on a net basis within sales in our consolidated statements of operations and comprehensive loss. Restaurant cost of sales primarily includes the cost of food, beverages, and merchandise and disposable paper and plastic goods used in preparing and selling our menu items, and exclude depreciation and amortization. Vendor allowances received in connection with the purchase of a vendor’s products are recognized as a reduction of the related food and beverage costs as earned.   Management Fee Income   The Company receives revenue from management fees from certain non-affiliated companies, including from managing its investment in Hooters of America.   Gaming Income   The Company receives revenue from operating a gaming facility adjacent to its Hooters restaurant in Jantzen Beach, Oregon. The Company also previously received gaming revenue from gaming machines located in Sydney, Australia. Revenue from gaming is recognized as earned from gaming activities, net of taxes and other government fees.   Franchise Income   The Company accounts for initial franchisee fees in accordance with FASB ASC 952, Franchisors. The Company grants franchises to operators in exchange for initial franchise license fees and continuing royalty payments. Franchise license fees are deferred when received and recognized as revenue when the Company has performed substantially all initial services required by the franchise or license agreement, which is generally upon the opening of a store. Continuing fees, which are based upon a percentage of franchisee revenues, are recognized on the accrual basis as those sales occur.   LOSS PER COMMON SHARE   The Company is required to report both basic earnings per share, which is based on the weighted-average number of shares outstanding, and diluted earnings per share, which is based on the weighted-average number of common shares outstanding plus all potentially diluted shares outstanding. The following table summarizes the number of common shares potentially issuable upon the exercise of certain warrants, convertible notes payable and convertible interest as of March 31, 2017 and 2016 that have been excluded from the calculation of diluted net loss per common share since the effect would be antidilutive.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%; line-height: 115%">Warrants -Weighted avg exercise price $4.95</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 17%; text-align: right; line-height: 115%">9,072,032</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 17%; text-align: right; line-height: 115%">9,506,304</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Convertible notes - Weighted avg conversion price $0.67</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5,233,684</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,772,674</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Accrued interest on convertible notes</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">475,137</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">178,770</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">14,780,863</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">13,457,748</td> <td style="line-height: 115%"> </td></tr> </table>   On May 4, 2017, the Company issued 12 million warrants with an exercise price of $0.35. See Note 15 Subsequent Events.   Recent Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 “Revenue from Contracts with Customers” which provides a single, comprehensive accounting model for revenue arising from contracts with customers. This guidance supersedes most of the existing revenue recognition guidance, including industry-specific guidance. Under this model, revenue is recognized at an amount that a company expects to be entitled to upon transferring control of goods or services to a customer. The new guidance also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flow arising from customer contracts, including significant judgments and changes in judgments. The new guidance will be effective for the Company beginning in calendar 2018 and may be applied retrospectively to all prior periods presented or through a cumulative adjustment to the opening retained earnings balance in the year of adoption. The Company is currently evaluating the effect of this update on its consolidated financial statements, but believes it will not have a material impact on operations.   In November 2015, the FASB issued ASU No. 2015-07 “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” related to the presentation of deferred income taxes. The guidance requires that deferred tax assets and liabilities be classified as non-current in a consolidated balance sheet. This guidance was adopted in the first quarter of 2017 and did not materially affect the Company’s consolidated financial statements.   In February 2016, the FASB issued ASU No. 2016-02 “Leases,” which supersedes ASC 840 “Leases” and creates a new topic, ASC 842 “Leases.” This update requires lessees to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. The update also expands the required quantitative and qualitative disclosures surrounding leases. This update is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with earlier adoption permitted. This update will be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company has not completed its evaluation of effect this update will have on its consolidated financial statements, but does expect there could be a material increase in both assets and liabilities reflected on its consolidated balance sheets as a result of adoption.   In January 2017, the FASB issued ASU No. 2017-04 “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The new guidance simplifies the test for goodwill impairment. Currently, the fair value of the reporting unit is compared with the carrying value of the reporting unit (identified as “Step 1”). If the fair value of the reporting unit is lower than its carrying amount then, the implied fair value of goodwill is calculated. If the implied fair value of goodwill is lower than the carrying value of goodwill an impairment is recognized (identified as “Step 2”). The new standard eliminates Step 2 from the impairment test; therefore, a goodwill impairment will be recognized as the difference of the fair value and the carrying value of the reporting unit. The new standard becomes effective on January 1, 2020 with early adoption permitted. The Company is currently evaluating the effect of this update on its consolidated financial statements.   There are several other new accounting pronouncements issued by FASB, which are not yet effective. Each of these pronouncements has been or will be adopted, as applicable, by the Company. At March 31, 2017, other than the adoption of ASU No. 2016-02 “Leases,” none of these pronouncements are expected to have a material effect on the financial position, results of operations or cash flows of the Company.

3. ACQUISITIONS   2016 Acquisition   The Company completed one acquisition during 2016, which was the acquisition of a restaurant location in the Harris YMCA in Charlotte, N.C. to expand our Just Fresh business. The Company allocated the purchase price as of the date of acquisition based on the estimated fair value of the acquired assets and assumed liabilities. In consideration of the purchased assets, the Company paid a purchase price totaling $72,215 in cash, of which $1,611 was allocated to acquired inventory and $70,604 to goodwill. The equipment and other assets used in the operation of the business are property of the YMCA and no other tangible or identifiable intangible assets other than inventory were acquired, with the balance being allocated to goodwill.   No proforma information was included as the proforma impact of the acquisition is not material.

4. DISCONTINUED OPERATIONS   In June 2016, the Company approved a plan to exit the Australia and Eastern Europe markets, authorizing management to sell or close its five Hooters stores in Australia and its one store in Budapest.   The Company completed the sale of the Hooters Australia and Budapest stores during the third quarter of 2016, transferring substantially all of the assets and liabilities of those operations to the local operating groups. In both cases, the Company did not receive any proceeds from the transfer, although in the case of Hooters Australia, the Company retained a five-year option to repurchase a 20% interest in the stores for $1.   There were no remaining balances attributable to discontinued operations on the accompanying condensed consolidated balance sheets as of March 31, 2017 or December 31, 2016.   The major line items comprising the loss of discontinued operations are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="text-align: center; line-height: 115%">Period Ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; line-height: 115%">Revenue</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">-</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">1,505,942</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Restaurant cost of sales</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">526,825</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Restaurant operating expenses</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,303,379</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">General and administrative expenses</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">      -</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">86,126</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Depreciation and amortization</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">258,215</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Other</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">10,778</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Loss of discontinued operations</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(679,381</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Loss on write-down of net assets</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Total pretax loss of discontinued operations</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(679,381</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Income tax</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Loss on discontinued operations</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(679,381</td> <td style="line-height: 115%">)</td></tr> </table>

5. PROPERTY AND EQUIPMENT   Property and equipment consists of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; line-height: 115%">Leasehold improvements</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">10,714,841</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">10,363,996</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Restaurant furniture and equipment</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">6,846,679</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">6,716,926</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Construction in progress</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">602,522</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">582,265</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Office and computer equipment</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">68,303</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">68,303</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Land and buildings</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">844,965</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">826,664</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Office furniture and fixtures</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">108,030</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">108,030</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">19,185,340</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">18,666,184</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accumulated depreciation and amortization</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(7,686,565</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(7,152,491</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">11,498,775</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">11,513,693</td> <td style="line-height: 115%"> </td></tr> </table>   Depreciation and amortization expense was approximately $0.5 million for both periods ended March 31, 2017 and 2016, respectively.

7. LONG-TERM DEBT AND NOTES PAYABLE   Long-term debt and notes payable are summarized as follows.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; line-height: 115%">Note Payable, due January 2017, net of discount of $0 and $171,868, respectively (b)</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">5,000,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">5,000,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Note Payable, due April 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">707,231</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">725,231</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Note Payable, due October 2018</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">85,974</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">85,974</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Mortgage Note, South Africa, due July 2024</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">213,685</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">215,962</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Bank overdraft facilities, South Africa, annual renewal</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">161,647</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">124,598</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Equipment financing arrangements, South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">133,984</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">145,430</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Receivables financing facilities (a)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">495,898</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">161,899</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Total long-term debt</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">6,798,419</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">6,459,094</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Current portion of long-term debt</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">784,628</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">6,171,649</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Long-term debt, less current portion</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">6,013,791</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">287,445</td> <td style="line-height: 115%"> </td></tr> </table>   For the three months ended March 31, 2017 and 2016 amortization of debt discount was $0 and $42,969 respectively.   a) During February 2017, in consideration for proceeds of $330,000, the Company agreed to remit a total of $412,500 from the merchant accounts of eight of its restaurant locations directly to a lender. The Company agreed to make payments of $1,965 per day for 210 days. The Company has the option to payoff the loan early by remitting a total of $372,900 by the 120th day.   Also, during March 2017 in consideration for proceeds of $150,000, the Company agreed to remit a total of $205,500 from the merchant accounts of three of its restaurant locations directly to the lender. The Company agreed to make payments of $856.25 per day for 240 days.   The Company granted a security interest in the credit card receivables of the specified restaurants in connection with the Receivables Financing Agreements.   b) On May 4, 2017, pursuant to a Securities Purchase Agreement (“Purchase Agreement”), the Company issued 8% non-convertible secured debentures in the principal amount of $6,000,000 (“Debentures”) and warrants to purchase 12,000,000 shares of common stock (“Warrant Shares”) to accredited investors. The Debentures bear interest at a rate of 8% per annum, payable in cash quarterly in arrears. The Debentures mature on December 31, 2018. The Debentures contain customary financial and other covenants, including a requirement to maintain positive Earnings before interest, taxes, depreciation and amortization. The Warrants expire on the tenth anniversary of the Closing Date and have an exercise price equal to $0.35. The Warrants are not exercisable until six months after the Closing Date. The Warrant Shares have registration rights, and, if not registered, the holders will have the right to cashless exercise.   In conjunction with the financing described above, the Company entered into a Satisfaction, Settlement and Release Agreement with Florida Mezzanine Fund LLLP, a Florida limited liability partnership (“Florida Mezz”), pursuant to which Florida Mezz agreed to release the Company from all claims and outstanding obligations pursuant to that certain Assumption Agreement dated June 30, 2014, as amended October 15, 2014 and October 22, 2016, and that certain Agreement dated May 23, 2016, as amended January 30, 2017, in exchange for payment of $5,000,000.   Five million of the net proceeds from the offering were remitted to Florida Mezz, $500,000 will be reserved to fund the opening of new stores, and the balance of $206,746, after transaction expenses, will be used for working capital and general corporate purposes.   As a result of the issuance of the debentures and the settlement of the Florida Mezz obligations subsequent to March 31, 2016, the $5 million notes payable are no longer outstanding, the company’s’ share repurchase obligation from Florida Mezz has been terminated and Florida Mezz waived unpaid interest and penalties previously recorded in the Company’s consolidated financial statements. As a result, as of March 31, 2017, the $5 million note payable has been reclassified from current liabilities to non-current in the accompanying consolidated balance sheet. In addition, for the Company’s reporting period ended June 30, 2017, the shares subject to repurchase will be reclassified from temporary equity to permanent capital and the amounts accrued for interest and penalties will be reversed effective as of May 14, 2017. See Note 15 Subsequent Events.

8. cONVERTIBLE NOTEs PAYABLE   Convertible Notes payable are summarized as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; line-height: 115%">6% Convertible notes payable due June 2018</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">3,000,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">3,000,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">8% Convertible notes payable due March 2019</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">8% Convertible notes payable due March 2019</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">150,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">150,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Discounts on above convertible note</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(46,936</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">8% Convertible notes payable due March 2019</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">420,108</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">475,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Discounts on above convertible note</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(296,086</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Total Convertible notes payable</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,374,022</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,678,064</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Current portion of convertible notes payable</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Convertible notes payable, less current portion</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">3,374,022</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">3,678,064</td> <td style="line-height: 115%"> </td></tr> </table>   For the three months ended March 31, 2017 and 2016 amortization of debt discount was $343,022 and $320,190 respectively.   Pursuant to exchange agreements dated and effective March 10, 2017 by and between the Company and four existing note holders, the Company exchanged its 8% convertible notes in the aggregate principal amount of $725,000, which notes were in default, for new two-year 2% notes, in the aggregate principal amount of $820,107, representing $725,000 in principal and $97,017 unpaid accrued interest. The original convertible notes were canceled and new convertible notes issued that may be converted to common stock of the Company, at the option of the holder, at a conversion price of $0.30 per share. The notes have a two-year term, but may be called by the holder after the one-year anniversary of the exchange date. During March 2017, subsequent to the exchange agreements, convertible notes in the amount of $150,000 were converted by the holders into 500,000 shares of common stock.   The exchange of the convertible notes was accounting for as an extinguishment of the previous debt, resulting in the recognition of a net loss on extinguishment of $362,822 in the accompanying condensed consolidated financial statements.   In addition, the lenders of the $3 million 6% convertible debt agreed to waive defaults and extend the note maturity by eighteen months (to June 30, 2018).

10. accounts payable and accrued expenses   Accounts payable and accrued expenses are summarized as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Accounts payable and accrued expenses</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">3,901,520</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">3,807,880</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accrued taxes (VAT, Sales Payroll)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">816,266</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">988,056</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Accrued income taxes</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">16,416</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">71,713</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accrued interest</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">531,164</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">685,419</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">5,265,366</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">5,553,068</td> <td style="line-height: 115%"> </td></tr> </table>

13. SEGMENT INFORMATION   The Company is in the business of operating restaurants and its operations are organized by geographic region and by brand within each region. Further each restaurant location produces monthly financial statements at the individual store level. The Company’s chief operating decision maker reviews revenues and profitability at the at the group level comprised of: Full Service Hooters, Better Burger Fast Casual, Just Fresh Fast Casual, and Corporate.   The following are revenues and operating income (loss) from continuing operations by segment as of and for the periods presented. The Company does not aggregate or review non-current assets at the segment level.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="text-align: center; line-height: 115%">Three Months Ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">Revenue:</td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%; padding-left: 10pt; line-height: 115%">Hooters Full Service</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 17%; text-align: right; line-height: 115%">3,135,463</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 17%; text-align: right; line-height: 115%">3,173,912</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Better Burgers Fast Casual</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5,316,287</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5,551,651</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Just Fresh Fast Casual</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,383,257</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,361,213</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Corporate and Other</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">24,990</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">25,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,859,997</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">10,111,776</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Operating Income (Loss):</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Hooters Full Service</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">(42,846</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">50,820</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Better Burgers Fast Casual</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(169,110</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(68,397</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Just Fresh Fast Casual</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">63,640</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(73,208</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Corporate and Other</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(841,072</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(815,298</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(989,388</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(906,083</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Depreciation and Amortization</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Hooters Full Service</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">136,180</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">129,277</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Better Burgers Fast Casual</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">376,631</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">365,131</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Just Fresh Fast Casual</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">79,726</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">75,123</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Corporate and Other</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">843</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">910</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">593,380</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">570,441</td> <td style="line-height: 115%"> </td></tr> </table>   The following are revenues and operating income (loss) from continuing operations and non-current assets by geographic region as of and for the periods presented.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="text-align: center; line-height: 115%">Three Months Ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">Revenue:</td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; padding-left: 10pt; line-height: 115%">United States</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">7,912,094</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">8,229,146</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,384,394</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,214,056</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Europe</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">563,509</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">668,574</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,859,997</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">10,111,776</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Operating Income (Loss):</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">United States</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">(941,072</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">(865,812</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(57,061</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(60,057</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Europe</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">8,745</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">19,786</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(989,388</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(906,083</td> <td style="line-height: 115%">)</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Non-current Assets:</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%; padding-left: 10pt; line-height: 115%">United States</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">26,761,752</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">26,812,062</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">South Africa</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2,517,644</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2,519,135</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Europe</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">2,364,896</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">2,361,246</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">31,644,292</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">31,692,443</td> <td style="line-height: 115%"> </td></tr> </table>

14. COMMITMENTS AND CONTINGENCIES   On March 26, 2013, our South African operations received Notice of Motion filed in the Kwazulu-Natal High Court, Durban, Republic of South Africa, filed against Rolalor (PTY) LTD (“Rolalor”) and Labyrinth Trading 18 (PTY) LTD (“Labyrinth”) by Jennifer Catherine Mary Shaw (“Shaw”). Rolalor and Labyrinth were the original entities formed to operate the Johannesburg and Durban locations, respectively. On September 9, 2011, the assets and the then-disclosed liabilities of these entities were transferred to Tundraspex (PTY) LTD (“Tundraspex”) and Dimaflo (PTY) LTD (“Dimaflo”), respectively. The current entities, Tundraspex and Dimaflo are not parties in the lawsuit. Shaw is requesting that the Respondents, Rolalor and Labyrinth, be wound up in satisfaction of an alleged debt owed in the total amount of R4,082,636 (approximately $480,000). The two Notices were defended and argued in the High Court of South Africa (Durban) on January 31, 2014. Madam Justice Steryi dismissed the action with costs on May 5, 2014. Ms. Shaw appealed this decision and in December 2016, the Court dismissed the Labyrinth case with costs payable to the Company, and allowed the Rolalor case to proceed to liquidation. The Company did not object to the proposed liquidation of Rolalor as the entity has no assets and the Company does not expect there to be any material impact on the Company. No amounts have been accrued as of March 31, 2017 or December 31, 2016 in the accompanying condensed consolidated balance sheets.   On January 28, 2016, our Just Fresh subsidiary was notified that it had been served with a copyright infringement complaint, Kevin Chelko Photography, Inc. f. JF Restaurants, LLC, Case No. 3:13-CV-60-GCM (W.D. N.C.). The claim was filed in the United States District Court for the Western District of North Carolina Charlotte Division and seeks unspecified damages related to the use of certain photographic assets allegedly in violation of the United States copyright laws. On January 19, 2017, the case was dismissed with no damages being awarded and no amounts have been reflected in the accompanying condensed consolidated balance sheets as of March 31, 2017 or December 31, 2016.   From time to time, the Company may be involved in legal proceedings and claims that have arisen in the ordinary course of business. These actions, when ultimately concluded and settled, will not, in the opinion of management, have a material adverse effect upon the financial position, results of operations or cash flows of the company.

15. SUBSEQUENT EVENTS   Management has evaluated all events and transactions that occurred from January 1, 2017 through the date these unaudited condensed consolidated financial statements were issued for subsequent events requiring recognition or disclosure in the condensed consolidated financial statements.   Issuance of $6 Million Non-Convertible Secured Debentures and Warrants; Repayment of $5 Million outstanding Notes to Florida Mezzanine Fund   On May 4, 2017 (“Closing Date”), pursuant to a Securities Purchase Agreement (“Purchase Agreement”), Chanticleer Holdings, Inc., a Delaware corporation (“Chanticleer” or the “Company”) sold and issued 8% non-convertible secured debentures in the principal amount of $6,000,000 (“Debentures”) and warrants to purchase 12,000,000 shares of common stock (“Warrant Shares”) to accredited investors. The Debentures bear interest at a rate of 8% per annum, payable in cash quarterly in arrears. The Debentures mature on December 31, 2018. The Debentures contain customary negative covenants. The Warrants will expire on the tenth anniversary of the Closing Date and have an exercise price equal to $0.35, subject to adjustment therein. The Warrants are not exercisable until six months after the Closing Date. The Warrant Shares have registration rights, and, if not registered, the holders will have the right to cashless exercise.   Upon the occurrence of an event of default, in addition to holders having acceleration repayment rights, the holders shall have the right, on a pro-rata basis, to purchase the Company’s subsidiary, Little Big Burger, for $6,500,000. The purchasers were granted a right of first refusal as to future financing transactions of the Company for the term of the Debentures. Further, the Company has agreed to appoint one person selected by purchasers holding a majority of interest of the Debentures to its board of directors.   Pursuant to the Security Agreement dated May 4, 2017, the Debentures are secured by a second priority lien on all of the Company’s assets. Pursuant to the Subsidiary Guarantee dated May 4, 2017, all of the Company’s subsidiaries have guaranteed the Company’s performance of its obligations under the transaction documents.   In conjunction with the financing described above, the Company entered into a Satisfaction, Settlement and Release Agreement with Florida Mezzanine Fund LLLP, a Florida limited liability partnership (“Florida Mezz”), pursuant to which Florida Mezz agreed to release the Company from all claims and outstanding obligations pursuant to that certain Assumption Agreement dated June 30, 2014, as amended October 15, 2014 and October 22, 2016, and that certain Agreement dated May 23, 2016, as amended January 30, 2017, in exchange for payment of $5,000,000.   Five million of the net proceeds from the offering were remitted to Florida Mezz, $500,000 will be reserved to fund the opening of new stores, and the balance of $206,746, after transaction expenses, will be used for working capital and general corporate purposes.   NASDAQ Hearing and Reverse Split   As previously reported, we did not regain compliance with NASDAQ Listing Rule 5550(a)(2) and received a delisting determination from Nasdaq on February 14, 2017. We appealed the Staff’s determination to a hearings panel, which appeal stayed the suspension of our securities pending the panel’s decision. The hearing was held on March 30, 2017 and the panel extended the deadline for us to regain compliance with Listing Rule 5550(a)(2) to June 16, 2017.   Our Board of Directors previously approved a proposal for a reverse stock split at a ratio of 1-for-2 up to 1-for-10 which was included in our proxy statement filed in April 2017 and will be voted on by our shareholders at the upcoming Annual Meeting on Monday May 15, 2017. The Board retained discretion to determine the exact ratio of the split and to effect the split with the purpose of increasing the share price of our common stock to or above $1.00. The Company intends to effect the reverse split promptly after the annual meeting in late May 2017.

USE OF ESTIMATES   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include the valuation of the investments in portfolio companies, deferred tax asset valuation allowances, valuing options and warrants using the Binomial Lattice and Black Scholes models, intangible asset valuations and useful lives, depreciation and uncollectible accounts and reserves. Actual results could differ from those estimates.

REVENUE RECOGNITION   Revenue is recognized when all of the following criteria have been satisfied:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 72px; line-height: 115%"> </td> <td style="width: 24px; line-height: 115%">●</td> <td style="line-height: 115%">Persuasive evidence of an arrangement exists;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">●</td> <td style="line-height: 115%">Delivery has occurred or services have been rendered;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">●</td> <td style="line-height: 115%">The seller’s price to the buyer is fixed or determinable; and</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">●</td> <td style="line-height: 115%">Collectability is reasonably assured.</td></tr> </table>   Restaurant Net Sales and Food and Beverage Costs   The Company records revenue from restaurant sales at the time of sale, net of discounts, coupons, employee meals, and complimentary meals and gift cards. Sales, value added tax (“VAT”) and goods and services tax (“GST”) collected from customers and remitted to governmental authorities are presented on a net basis within sales in our consolidated statements of operations and comprehensive loss. Restaurant cost of sales primarily includes the cost of food, beverages, and merchandise and disposable paper and plastic goods used in preparing and selling our menu items, and exclude depreciation and amortization. Vendor allowances received in connection with the purchase of a vendor’s products are recognized as a reduction of the related food and beverage costs as earned.   Management Fee Income   The Company receives revenue from management fees from certain non-affiliated companies, including from managing its investment in Hooters of America.   Gaming Income   The Company receives revenue from operating a gaming facility adjacent to its Hooters restaurant in Jantzen Beach, Oregon. The Company also previously received gaming revenue from gaming machines located in Sydney, Australia. Revenue from gaming is recognized as earned from gaming activities, net of taxes and other government fees.   Franchise Income   The Company accounts for initial franchisee fees in accordance with FASB ASC 952, Franchisors. The Company grants franchises to operators in exchange for initial franchise license fees and continuing royalty payments. Franchise license fees are deferred when received and recognized as revenue when the Company has performed substantially all initial services required by the franchise or license agreement, which is generally upon the opening of a store. Continuing fees, which are based upon a percentage of franchisee revenues, are recognized on the accrual basis as those sales occur.

LOSS PER COMMON SHARE   The Company is required to report both basic earnings per share, which is based on the weighted-average number of shares outstanding, and diluted earnings per share, which is based on the weighted-average number of common shares outstanding plus all potentially diluted shares outstanding. The following table summarizes the number of common shares potentially issuable upon the exercise of certain warrants, convertible notes payable and convertible interest as of March 31, 2017 and 2016 that have been excluded from the calculation of diluted net loss per common share since the effect would be antidilutive.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 60%; line-height: 115%">Warrants -Weighted avg exercise price $4.95</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 17%; text-align: right; line-height: 115%">9,072,032</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 17%; text-align: right; line-height: 115%">9,506,304</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Convertible notes - Weighted avg conversion price $0.67</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5,233,684</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,772,674</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Accrued interest on convertible notes</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">475,137</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">178,770</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">14,780,863</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">13,457,748</td> <td style="line-height: 115%"> </td></tr> </table>   On May 4, 2017, the Company issued 12 million warrants with an exercise price of $0.35. See Note 15 Subsequent Events.

Recent Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 “Revenue from Contracts with Customers” which provides a single, comprehensive accounting model for revenue arising from contracts with customers. This guidance supersedes most of the existing revenue recognition guidance, including industry-specific guidance. Under this model, revenue is recognized at an amount that a company expects to be entitled to upon transferring control of goods or services to a customer. The new guidance also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flow arising from customer contracts, including significant judgments and changes in judgments. The new guidance will be effective for the Company beginning in calendar 2018 and may be applied retrospectively to all prior periods presented or through a cumulative adjustment to the opening retained earnings balance in the year of adoption. The Company is currently evaluating the effect of this update on its consolidated financial statements, but believes it will not have a material impact on operations.   In November 2015, the FASB issued ASU No. 2015-07 “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” related to the presentation of deferred income taxes. The guidance requires that deferred tax assets and liabilities be classified as non-current in a consolidated balance sheet. This guidance was adopted in the first quarter of 2017 and did not materially affect the Company’s consolidated financial statements.   In February 2016, the FASB issued ASU No. 2016-02 “Leases,” which supersedes ASC 840 “Leases” and creates a new topic, ASC 842 “Leases.” This update requires lessees to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. The update also expands the required quantitative and qualitative disclosures surrounding leases. This update is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with earlier adoption permitted. This update will be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company has not completed its evaluation of effect this update will have on its consolidated financial statements, but does expect there could be a material increase in both assets and liabilities reflected on its consolidated balance sheets as a result of adoption.   In January 2017, the FASB issued ASU No. 2017-04 “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The new guidance simplifies the test for goodwill impairment. Currently, the fair value of the reporting unit is compared with the carrying value of the reporting unit (identified as “Step 1”). If the fair value of the reporting unit is lower than its carrying amount then, the implied fair value of goodwill is calculated. If the implied fair value of goodwill is lower than the carrying value of goodwill an impairment is recognized (identified as “Step 2”). The new standard eliminates Step 2 from the impairment test; therefore, a goodwill impairment will be recognized as the difference of the fair value and the carrying value of the reporting unit. The new standard becomes effective on January 1, 2020 with early adoption permitted. The Company is currently evaluating the effect of this update on its consolidated financial statements.   There are several other new accounting pronouncements issued by FASB, which are not yet effective. Each of these pronouncements has been or will be adopted, as applicable, by the Company. At March 31, 2017, other than the adoption of ASU No. 2016-02 “Leases,” none of these pronouncements are expected to have a material effect on the financial position, results of operations or cash flows of the Company.

Property and equipment consists of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; line-height: 115%">Leasehold improvements</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">10,714,841</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">10,363,996</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Restaurant furniture and equipment</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">6,846,679</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">6,716,926</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Construction in progress</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">602,522</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">582,265</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Office and computer equipment</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">68,303</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">68,303</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Land and buildings</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">844,965</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">826,664</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Office furniture and fixtures</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">108,030</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">108,030</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">19,185,340</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">18,666,184</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accumulated depreciation and amortization</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(7,686,565</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(7,152,491</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">11,498,775</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">11,513,693</td> <td style="line-height: 115%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Exercise Price</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Outstanding Number of Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Remaining Life in Years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Exerciseable Number of Warrants</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 31%; line-height: 115%">> $4.00</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">7,289,631</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">1.3</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">7,289,631</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$3.00-$3.99</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">499,901</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.4</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">499,901</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">$2.00-$2.99</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">779,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.8</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">779,500</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$1.00-$1.99</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">503,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.0</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">503,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,072,032</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.4</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,072,032</td> <td style="line-height: 115%"> </td></tr> </table>

679381

4.95 0.67 4.95 0.67

0.06

0.08

0.06

0.08

12993076

13355843

173666 0

-24147

-0.08

-0.07

-2120

46831

198403

46831

196283

-1680235

-1229080

-258153 97503

6. GOODWILL AND OTHER INTANGIBLE ASSETS, NET   Goodwill is summarized by location as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; line-height: 115%">Hooters Full Service</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">4,493,548</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">4,461,167</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Better Burgers Fast Casual</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">7,448,848</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">7,448,848</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Just Fresh Fast Casual</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">495,755</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">495,755</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">12,438,151</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">12,405,770</td> <td style="line-height: 115%"> </td></tr> </table>   The changes in the carrying amount of goodwill are summarized as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; line-height: 115%">Beginning Balance</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">12,405,770</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 19%; text-align: right; line-height: 115%">12,702,139</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Acquisitions</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">70,604</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Adjustments</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">62,192</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Foreign currency translation (loss) gain</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">32,381</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(429,165</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Ending Balance</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">12,438,151</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">12,405,770</td> <td style="line-height: 115%"> </td></tr> </table>   Other intangible assets, consisting of franchise costs, trademarks and tradenames, is summarized by location as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Estimated Useful Life</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Trademark, Tradenames:</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; padding-left: 10pt; line-height: 115%">Just Fresh</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: center; line-height: 115%">10 years</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">1,010,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">1,010,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">American Roadside Burger</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">10 years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,786,930</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,786,930</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">BGR: The Burger Joint</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Indefinte</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,430,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,430,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Little Big Burger</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Indefinte</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,550,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,550,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">5,776,930</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">5,776,930</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Franchise fees:</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Hooters South Africa</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">20 years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">329,393</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">322,258</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Hooters Pacific NW</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">20 years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">88,826</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">88,826</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">BGR: The Burger Joint</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Indefinite</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,320,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,320,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Hooters UK</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">20 years</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">12,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">30,848</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,750,719</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,761,932</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Total Intangibles at cost</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">7,527,649</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">7,538,862</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accumulated amortization</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(1,085,809</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(1,008,619</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Intangible assets, net</td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">6,441,840</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">6,530,243</td> <td style="line-height: 115%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="text-align: center; line-height: 115%">Periods Ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">March 31, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%; line-height: 115%">Amortization expense</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="width: 15%; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">75,776</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="width: 15%; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">82,235</td> <td style="width: 1%; line-height: 115%"> </td></tr> </table>

6000000

0.08

5000000

0.35

42969

3000000

6000000

5000000 Company from all claims and outstanding obligations pursuant to that certain Assumption Agreement dated June 30, 2014, as amended October 15, 2014 and October 22, 2016, and that certain Agreement dated May 23, 2016, as amended January 30, 2017, in exchange for payment of $5,000,000.

0.08

820107

97017

0.06 P0Y

11. Stockholders’ Equity   The Company had 45,000,000 shares of its $0.0001 par value common stock authorized at both March 31, 2017 and December 31, 2016. The Company had 22,712,008 and 21,957,147 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively.   The Company has 5,000,000 shares of its no par value preferred stock authorized at both March 31, 2017 and December 31, 2016.   Beginning in December 2016, the Company conducted a rights offering of units, each unit consisting of one share of 9% Redeemable Series 1 Preferred Stock (“Series 1 Preferred”) and one Series 1 Warrant (“Series 1 Warrant”) to purchase 10 shares of common stock. Holders of the Series 1 Preferred are entitled to receive cumulative dividends out of legally available funds at the rate of 9% of the purchase price per year for a term of seven years, payable quarterly on the last day of March, June, September and December in each year in cash or registered common stock at the election of the Company. Shares of common stock issued as dividends will be issued at a 10% discount to the five-day volume weighted average price per share of common stock prior to the date of issuance. Dividends are to be paid prior to any dividend to the holders of common stock. The Series 1 Preferred is non-voting and has a liquidation preference of $13.50 per share, equal to its purchase price. Chanticleer is required to redeem the outstanding Series 1 Preferred at the expiration of the seven-year term. The redemption price for any shares of Series 1 Preferred will be an amount equal to the $13.50 purchase price per share plus any accrued but unpaid dividends to the date fixed for redemption.   As of December 31, 2016, 19,050 shares of preferred stock were issued pursuant to the Preferred Stock Units rights offering. In addition, 43,826 additional shares were issued following in February 2017 for a total of 62,876 issued and outstanding as March 31, 2017.   In connection with the payment of past due interest on its $5 million note payable, the Company issued 562,900 shares of its common stock to the lender. Concurrently, the Company entered into a put agreement with Florida Mezzanine Fund during 2016 which provides the lender the right to require the Company to repurchase those shares at a price of $0.62 cents per share. This put right originally expired in January 2017 and was subsequently extended to March 31, 2017.   The shares subject to the repurchase are reflected as a redeemable temporary equity on the accompanying consolidated balance sheet as of March 31, 2017 and December 31, 2016. In May 2017, Florida Mezzanine fund’s put right terminated in connection with the Company’s repayment of its principal and the shares will be reclassified as permanent equity as of May 2017 and in future balance sheets (see Note 15 Subsequent Events).   Options and Warrants   The Company’s shareholders have approved the Chanticleer Holdings, Inc. 2014 Stock Incentive Plan (the “2014 Plan”), authorizing the issuance of options, stock appreciation rights, restricted stock awards and units, performance shares and units, phantom stock and other stock-based and dividend equivalent awards. Pursuant to the approved 2014 Plan, 4,000,000 shares have been approved for grant.   As of March 31, 2017, the Company had issued 325,340 restricted and unrestricted shares on a cumulative basis under the plan pursuant to compensatory arrangements with employees, board members and outside consultants. No employee stock options have been issued or are outstanding as of March 31, 2017 or December 31, 2016. The Company issued 150,000 restricted stock units to an employee during 2016. Approximately 3,674,660 shares remained available for grant in the future.   The Company also has issued warrants to investors in connection with financing transactions in prior periods. A summary of the warrants outstanding and related activity is presented below:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Number of Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Exercise Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Remaining Life</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 46%; line-height: 115%">Outstanding January 1, 2017</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="width: 15%; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,222,032</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="width: 15%; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">4.98</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="width: 15%; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1.7</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Granted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Exercised</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Forfeited</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(150,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">6.75</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Outstanding March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,072,032</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">4.95</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1.4</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Exercisable March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,072,032</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">4.95</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1.4</td> <td style="line-height: 115%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Exercise Price</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Outstanding Number of Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Remaining Life in Years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Exerciseable Number of Warrants</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 31%; line-height: 115%">> $4.00</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">7,289,631</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">1.3</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">7,289,631</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$3.00-$3.99</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">499,901</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.4</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">499,901</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">$2.00-$2.99</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">779,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.8</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">779,500</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$1.00-$1.99</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">503,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.0</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">503,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,072,032</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.4</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,072,032</td> <td style="line-height: 115%"> </td></tr> </table>   On May 4, 2017, the Company issued 12 million warrants with an exercise price of $0.35. See Note 15 Subsequent Events.

A summary of the warrants outstanding and related activity is presented below:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Number of Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Exercise Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Remaining Life</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 46%; line-height: 115%">Outstanding January 1, 2017</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="width: 15%; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,222,032</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="width: 15%; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">4.98</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="width: 15%; border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1.7</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Granted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Exercised</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Forfeited</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(150,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">6.75</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Outstanding March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,072,032</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">4.95</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1.4</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Exercisable March 31, 2017</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,072,032</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">4.95</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1.4</td> <td style="line-height: 115%"> </td></tr> </table>

5400000

600000

500000

0.08

6500000

500000

206746

1.00 Assumption Agreement dated June 30, 2014, as amended October 15, 2014 and October 22, 2016, and that certain Agreement dated May 23, 2016, as amended January 30, 2017, in exchange for payment of $5,000,000.

reverse stock split at a ratio of 1-for-2 up to 1-for-10

2017

-1751213

-1425363

On May 4, 2017, pursuant to a Securities Purchase Agreement (?Purchase Agreement?), the Company issued 8% non-convertible secured debentures in the principal amount of $6,000,000 (“Debentures”) and warrants to purchase 12,000,000 shares of common stock (?Warrant Shares?) to accredited investors. The Debentures bear interest at a rate of 8% per annum, payable in cash quarterly in arrears. The Debentures mature on December 31, 2018. The Debentures contain customary financial and other covenants, including a requirement to maintain positive Earnings before interest, taxes, depreciation and amortization. The Warrants expire on the tenth anniversary of the Closing Date and have an exercise price equal to $0.35. The Warrants are not exercisable until six months after the Closing Date. The Warrant Shares have registration rights, and, if not registered, the holders will have the right to cashless exercise. In conjunction with the financing described above, the Company entered into a Satisfaction, Settlement and Release Agreement with Florida Mezzanine Fund LLLP, a Florida limited liability partnership (?Florida Mezz?), pursuant to which Florida Mezz agreed to release the Company from all claims and outstanding obligations pursuant to that certain Assumption Agreement dated June 30, 2014, as amended October 15, 2014 and October 22, 2016, and that certain Agreement dated May 23, 2016, as amended January 30, 2017, in exchange for payment of $5,000,000. Five million of the net proceeds from the offering were remitted to Florida Mezz, $500,000 will be reserved to fund the opening of new stores, and the balance of $206,746, after transaction expenses, will be used for working capital and general corporate purposes. As a result of the issuance of the debentures and the settlement of the Florida Mezz obligations subsequent to March 31, 2016, the $5 million notes payable are no longer outstanding, the company’s’ share repurchase obligation from Florida Mezz has been terminated and Florida Mezz waived unpaid interest and penalties previously recorded in the Company’s consolidated financial statements. As a result, as of March 31, 2017, the $5 million note payable has been reclassified from current liabilities to non-current in the accompanying consolidated balance sheet. In addition, for the Company’s reporting period ended June 30, 2017, the shares subject to repurchase will be reclassified from temporary equity to permanent capital and the amounts accrued for interest and penalties will be reversed effective as of May 14, 2017. See Note 15 Subsequent Events. During February 2017, in consideration for proceeds of $330,000, the Company agreed to remit a total of $412,500 from the merchant accounts of eight of its restaurant locations directly to a lender. The Company agreed to make payments of $1,965 per day for 210 days. The Company has the option to payoff the loan early by remitting a total of $372,900 by the 120th day. Also, during March 2017 in consideration for proceeds of $150,000, the Company agreed to remit a total of $205,500 from the merchant accounts of three of its restaurant locations directly to the lender. The Company agreed to make payments of $856.25 per day for 240 days. The Company granted a security interest in the credit card receivables of the specified restaurants in connection with the Receivables Financing Agreements.

EX-101.SCH 7 hotr-20170331.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Consolidated Statements of Comprehensive Loss (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Condensed Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Nature of Business link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Acquisitions link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Discontinued Operations link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Property and Equipment link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Goodwill and Other Intangible Assets, Net link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Long-Term Debt and Notes Payable link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Convertible Notes Payable link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Accounts Payable and Accrued Expenses link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Segment Information link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Nature of Business (Tables) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Discontinued Operations (Tables) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Property and Equipment (Tables) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Goodwill and Other Intangible Assets, Net (Tables) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Long-Term Debt and Notes Payable (Tables) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Convertible Notes Payable (Tables) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Accounts Payable and Accrued Expenses (Tables) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Stockholders' Equity (Tables) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Segment Information (Tables) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Nature of Business (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Nature of Business - Schedule of Subsidiaries (Details) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Acquisitions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Discontinued Operations (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Discontinued Operations - Schedule of Operating Results From Discontinued Operations Pre-Tax Loss (Details) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Property and Equipment (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Property and Equipment - Schedule of Property, Plant and Equipment (Details) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - Goodwill and Other Intangible Assets, Net - Schedule of Goodwill (Details) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - Goodwill and Other Intangible Assets, Net - Summary of Changes in Carrying Amount of Goodwill (Details) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - Long-Term Debt and Notes Payable (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - Long-Term Debt and Notes Payable - Summary of Long-Term Debt and Notes Payable (Details) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - Long-Term Debt and Notes Payable - Summary of Long-Term Debt and Notes Payable (Details) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - Convertible Notes Payable (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) link:presentationLink link:calculationLink link:definitionLink 00000050 - Disclosure - Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000051 - Disclosure - Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) link:presentationLink link:calculationLink link:definitionLink 00000052 - Disclosure - Stockholders' Equity (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000053 - Disclosure - Stockholders' Equity - Schedule of Warrants Activity (Details) link:presentationLink link:calculationLink link:definitionLink 00000054 - Disclosure - Stockholders' Equity - Schedule of Warrants Outstanding (Details) link:presentationLink link:calculationLink link:definitionLink 00000055 - Disclosure - Related Party Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000056 - Disclosure - Segments of Business - Schedule of Revenues and Operating Income (loss) by Segment (Details) link:presentationLink link:calculationLink link:definitionLink 00000057 - Disclosure - Segments of Business - Summary of Revenues, Operating Loss, Long-Lived Assets By Geographic Area (Details) link:presentationLink link:calculationLink link:definitionLink 00000058 - Disclosure - Commitments and Contingencies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000059 - Disclosure - Subsequent Events (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 hotr-20170331_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 hotr-20170331_def.xml XBRL DEFINITION FILE EX-101.LAB 10 hotr-20170331_lab.xml XBRL LABEL FILE Antidilutive Securities [Axis] Warrant [Member] Convertible Notes Payable [Member] Convertible Interest [Member] Geographical [Axis] South Africa [Member] Indefinite-lived Intangible Assets [Axis] Franchise Fees [Member] Trademarks and Trade Names [Member] United States [Member] Europe [Member] Equity Method Investee, Name [Axis] Chanticleer Investors LLC [Member] Property, Plant and Equipment, Type [Axis] Leasehold Improvements [Member] Restaurant Furnishings and Equipment [Member] Construction In Progress [Member] Office and Computer Equipment [Member] Land and Buildings [Member] Office Furniture and Fixtures [Member] Hooters Pacific NW [Member] Business Acquisition [Axis] Just Fresh [Member] American Roadside Burgers [Member] Long-term Debt, Type [Axis] Note Payable, Due January 2017, Net of Discount of $0 and $171,868, Respectively [Member] Note Payable, Due April 2017 [Member] Note Payable, Due October 2018 [Member] Mortgage Note, South Africa, Due July 2024[Member] Bank Overdraft Facilities, South Africa, Annual Renewal [Member] Equipment Financing Arrangements, South Africa [Member] Debt Instrument [Axis] 6% Convertible notes payable due June 2018 [Member] 8% Convertible notes payable due March 2019 [Member] 8% Convertible notes payable due March 2019 [Member] Exercise Price Range [Axis] Range 1 [Member] Class of Warrant or Right [Axis] Range 2 [Member] Range 3 [Member] Range 4 [Member] BGR The Burger Joint [Member] 8% Convertible notes payable due March 2019 [Member] Range [Axis] Maximum [Member] Minimum [Member] Little Big Burger [Member] Burger Business [Member] Legal Entity [Axis] American Roadside Burgers, Inc [Member] American Roadside McBee, LLC [Member] American Burger Morehead, LLC [Member] American Burger Ally, LLC [Member] BGR Acquisition, LLC [Member] Consolidation Items [Axis] Operating Segments [Member] Segments [Axis] Hooters Full Service [Member] Better Burgers Fast Casual [Member] Just Fresh Fast Casual [Member] Corporate and Other [Member] Award Type [Axis] 2014 Stock Incentive Plan [Member] Just Fresh Business [Member] Convertible Notes Payable [Member] American Roadside Southpark LLC [Member] American Roadside Burgers Smithtown Inc [Member] American Burger Prosperity LLC [Member] BGR Acquisition 1, LLC [Member] BGR Franchising, LLC [Member] BGR Operations, LLC [Member] BGR Arlington, LLC [Member] BGR Cascades, LLC [Member] BGR Dupont, LLC [Member] BGR Old Keene Mill, LLC [Member] BGR Old Town, LLC [Member] BGR Potomac, LLC [Member] BGR Springfield Mall, LLC [Member] BGR Tysons, LLC [Member] BGR Washingtonian, LLC [Member] Capitol Burger, LLC [Member] BGR Mosaic, LLC [Member] BGR Michigan Ave, LLC [Member] BGR Chevy Chase, LLC [Member] BT Burger Acquisition, LLC [Member] BT's Burgerjoint Biltmore, LLC [Member] BT's Burgerjoint Promenade, LLC [Member] BT's Burgerjoint Rivergate LLC [Member] BT's Burgerjoint Sun Valley, LLC [Member] LBB Acquisition, LLC [Member] Cuarto LLC [Member] LBB Acquisition 1 LLC [Member] LBB Green Lake LLC [Member] LBB Hassalo LLC [Member] LBB Platform LLC [Member] LBB Progress Ridge LLC [Member] Noveno LLC [Member] Octavo LLC [Member] Primero LLC [Member] Quinto LLC [Member] Segundo LLC [Member] Septimo LLC [Member] Sexto LLC [Member] JF Franchising Systems, LLC [Member] JF Restaurants, LLC [Member] West Coast Hooters [Member] Jantzen Beach Wings, LLC [Member] Oregon Owl's Nest, LLC [Member] Tacoma Wings, LLC [Member] South African Entities [Member] Chanticleer South Africa (Pty) Ltd [Member] Hooters Emperors Palace (Pty) Ltd. [Member] Hooters On The Buzz (Pty) Ltd [Member] Hooters PE (Pty) Ltd [Member] South African Hooters [Member] Hooters Ruimsig (Pty) Ltd [Member] Hooters SA (Pty) Ltd [Member] Hooters Umhlanga (Pty.) Ltd [Member] Hooters Willows Crossing (Pty) Ltd [Member] European Entities [Member] Chanticleer Holdings Limited [Member] West End Wings LTD [Member] Inactive Entities [Member] Hoot Surfers Paradise Pty. Ltd [Member] Hooters Brazil [Member] DineOut SA Ltd [Member] Avenel Financial Services, LLC [Member] Avenel Ventures, LLC [Member] Chanticleer Advisors, LLC [Member] Chanticleer Investment Partners, LLC [Member] Dallas Spoon Beverage, LLC [Member] Dallas Spoon, LLC [Member] American Roadside Cross Hill, LLC [Member] Receivable Financing Facilities [Member] Hooters South Africa [Member] Hooter UK [Member] Florida Mezzanine Fund [Member] Related Party [Axis] Lender [Member] Class of Stock [Axis] Redeemable Series 1 Preferred Stock [Member] Equity Components [Axis] Series 1 Warrant [Member] Series 1 Preferred Stock [Member] Preferred Stock [Member] Employees, Board Members and Outside Consultants [Member] Employees [Member] Chanticleer Holdings Inc [Member] Report Date [Axis] May 2017 [Member] Chanticleer Finance UK (No. 1) Plc [Member] UK Bond Company [Member] May 4, 2017 [Member] 210 days [Member] 120 days [Member] 240 days [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Securities Purchase Agreement [Member] Debentures [Member] Warrants Shares [Member] Florida Mezzanine [Member] 2% notes [Member] Convertible Notes [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Document And Entity Information [Abstract] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Trading Symbol Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current assets: Cash Accounts and other receivables Inventories Prepaid expenses and other current assets TOTAL CURRENT ASSETS Property and equipment, net Goodwill Intangible assets, net Investments Deposits and other assets TOTAL ASSETS EX-101.PRE 11 hotr-20170331_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	May 11, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	Chanticleer Holdings, Inc.
Entity Central Index Key	0001106838
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		24,743,015
Trading Symbol	HOTR
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2017

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash	$ 277,820	$ 268,575
Accounts and other receivables	349,003	524,481
Inventories	520,024	539,550
Prepaid expenses and other current assets	424,231	461,074
TOTAL CURRENT ASSETS	1,571,078	1,793,680
Property and equipment, net	11,498,775	11,513,693
Goodwill	12,438,151	12,405,770
Intangible assets, net	6,441,840	6,530,243
Investments	800,000	800,000
Deposits and other assets	465,525	442,737
TOTAL ASSETS	33,215,370	33,486,123
Current liabilities:
Accounts payable and accrued expenses	5,265,366	5,553,068
Current maturities of long-term debt and notes payable,	784,628	6,171,649
Current maturities of capital leases payable	14,952	18,449
Due to related parties	194,350	194,350
Deferred rent	100,260	173,775
TOTAL CURRENT LIABILITIES	6,359,556	12,111,291
Long-term debt, less current portion	6,013,791	287,445
Convertible notes payable, net of debt discount of $0 and $46,936, respectively	3,374,022	3,678,064
Redeemable preferred stock: no par value, 62,876 and 19,050 issued and outstanding, net of discount of $173,666 and $0, respectively	589,314	257,175
Deferred rent	2,051,057	1,961,751
Deferred tax liabilities	1,485,554	1,485,554
TOTAL LIABILITIES	19,873,294	19,781,280
Common stock subject to repurchase obligation; 562,900 shares issued and outstanding	349,000	349,000
Stockholders' equity:
Preferred stock: no par value; authorized 5,000,000 shares; 62,876 and 19,050 shares issued issued and outstanding, respectively
Common stock: $0.0001 par value; authorized 45,000,000 shares; issued and outstanding 22,149,108 and 21,337,247 shares, respectively	2,215	2,140
Additional paid in capital	57,099,151	55,924,269
Accumulated other comprehensive loss	(1,108,828)	(1,155,658)
Accumulated deficit	(43,957,536)	(42,206,325)
Total Chanticleer Holdings, Inc, Stockholder's Equity	12,035,002	12,564,426
Non-Controlling Interests	958,074	791,417
TOTAL STOCKHOLDERS' EQUITY	12,993,076	13,355,843
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 33,215,370	$ 33,486,123

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Convertible notes payable, noncurrent	$ 0	$ 46,936
Redeemable preferred stock, no par value
Redeemable preferred stock, shares issued	62,876	19,050
Redeemable preferred stock, shares outstanding	62,876	19,050
Redeemable preferred stock, net of discount	$ 173,666	$ 0
Common stock repurchase obligation, shares issued	562,900	562,900
Common stock repurchase obligation, shares outstanding	562,900	562,900
Preferred stock, no par value
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	62,876	19,050
Preferred stock, shares outstanding	62,876	19,050
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	45,000,000	45,000,000
Common stock, shares issued	22,149,108	21,337,247
Common stock, shares outstanding	22,149,108	21,337,247

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue:
Restaurant sales, net	$ 9,653,154	$ 9,804,690
Gaming income, net	106,067	99,534
Management fee income	24,990	25,000
Franchise income	75,786	182,552
Total revenue	9,859,997	10,111,776
Expenses:
Restaurant cost of sales	3,191,390	3,249,970
Restaurant operating expenses	5,674,560	5,515,013
Restaurant pre-opening and closing expenses	14,435	7,555
General and administrative expenses	1,375,620	1,674,880
Depreciation and amortization	593,380	570,440
Total expenses	10,849,385	11,017,859
Operating loss from continuing operations	(989,388)	(906,083)
Other (expense) income
Interest expense	(404,136)	(600,926)
Change in fair value of derivative liabilities		615,662
Loss on extinguishment of debt	(362,822)
Other income	12,234	7,736
Total other (expense) income	(754,724)	22,472
Loss from continuing operations before income taxes	(1,744,112)	(883,611)
Income tax expense	(3,797)	(33,987)
Loss from continuing operations	(1,747,909)	(917,598)
Discontinued operations
Loss from discontinued operations, net of tax		(679,381)
Consolidated net loss	(1,747,909)	(1,596,979)
Less: Net loss attributable to non-controlling interest of continuing operations	20,843	171,616
Net loss attributable to Chanticleer Holdings, Inc.	(1,727,066)	(1,425,363)
Net loss attributable to Chanticleer Holdings, Inc.:
Dividends on redeemable preferred stock	(24,147)
Net loss attributable to common shareholders of Chanticleer Holdings, Inc.	$ (1,751,213)	$ (1,425,363)
Net loss attributable to Chanticleer Holdings, Inc. per common share, basic and diluted:	$ (0.08)	$ (0.07)
Weighted average shares outstanding, basic and diluted	22,106,236	21,337,247

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net loss attributable to Chanticleer Holdings, Inc.	$ (1,727,066)	$ (1,425,363)
Unrealized loss on available-for-sale securities, net of tax		(2,120)
Foreign currency translation	46,831	198,403
Total other comprehensive income	46,831	196,283
Comprehensive loss	$ (1,680,235)	$ (1,229,080)

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (1,747,909)	$ (1,596,979)
Net loss from discontinued operations		679,381
Net loss from continuing operations	(1,747,909)	(917,598)
Adjustments to reconcile net loss from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization	593,380	570,440
Loss on extinguishment of debt	362,822
Common stock and warrants issued for services	102,791
Amortization of debt discount	122,694	363,159
Change in assets and liabilities:
Accounts and other receivables	175,478	(80,697)
Prepaid and other assets	14,055	207,532
Inventory	19,526	74,802
Accounts payable and accrued liabilities	(231,283)	627,014
Change in amounts payable to related parties		175,000
Derivative liabilities		(615,662)
Deferred income taxes		32,233
Deferred rent	15,792	(219,725)
Net cash provided by (used in) operating activities from continuing operations	(572,654)	216,498
Net cash used in operating activities from discontinued operations		(75,000)
Net cash provided by (used in) operating activities	(572,654)	141,498
Cash flows from investing activities:
Purchase of property and equipment	(450,641)	(256,975)
Cash paid for acquisitions, net of cash acquired		(72,215)
Net cash used in investing activities from continuing operations	(450,641)	(329,190)
Cash flows from financing activities:
Proceeds from sale of preferred stock	591,651
Expenses related to sale of preferred stock	(258,153)
Loan proceeds	512,780
Loan repayments	(194,069)	(136,575)
Capital lease payments	(4,779)	(10,783)
Contribution of non-controlling interest	375,000	13,017
Net cash provided by financing activities from continuing operations	1,022,430	(134,341)
Effect of exchange rate changes on cash	10,110	4,468
Net increase (decrease) in cash	9,245	(317,565)
Cash, beginning of period	268,575	1,224,415
Cash, end of period	277,820	906,850
Supplemental cash flow information:
Interest	335,699	31,728
Income taxes
Non-cash investing and financing activities:
Convertible debt settled through issuance of common stock	150,000
Accrued interest settled through issuance of convertible debt	97,503
Purchases of businesses:
Current assets excluding cash		1,611
Goodwill		70,604
Cash paid for acquistions		$ 72,215

XML 18 R7.htm IDEA: XBRL DOCUMENT

Nature of Business

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business

1. Nature of Business

Organization

Chanticleer Holdings, Inc. and its subsidiaries (together, the “Company”) are in the business of owning, operating and franchising fast casual dining concepts domestically and internationally.

Name	Jurisdiction of Incorporation	Percent Owned			Name	Jurisdiction of Incorporation	Percent Owned
CHANTICLEER HOLDINGS, INC.	DE, USA
*Burger Business*					*Just Fresh*
American Roadside Burgers, Inc.	DE, USA		100	%	JF Franchising Systems, LLC	NC, USA		56	%
ARB Stores					JF Restaurants, LLC	NC, USA		56	%
American Burger Ally, LLC	NC, USA		100	%
American Burger Morehead, LLC	NC, USA		100	%	*West Coast Hooters*
American Roadside McBee, LLC	NC, USA		100	%	Jantzen Beach Wings, LLC	OR, USA		100	%
American Roadside Southpark LLC	NC, USA		100	%	Oregon Owl’s Nest, LLC	OR, USA		100	%
American Roadside Burgers Smithtown, Inc.	DE, USA		100	%	Tacoma Wings, LLC	WA, USA		100	%
American Burger Prosperity, LLC	NC, USA		100	%
BGR Acquisition, LLC	NC, USA		100	%	*South African Entities*
BGR Acquisition 1, LLC					Chanticleer South Africa (Pty) Ltd.	South Africa		100	%
BGR Franchising, LLC	VA, USA		100	%	Hooters Emperors Palace (Pty.) Ltd.	South Africa		88	%
BGR Operations, LLC	VA, USA		100	%	Hooters On The Buzz (Pty) Ltd	South Africa		95	%
BGR Arlington, LLC	VA, USA		100	%	Hooters PE (Pty) Ltd	South Africa		100	%
BGR Cascades, LLC	VA, USA		100	%	Hooters Ruimsig (Pty) Ltd.	South Africa		100	%
BGR Dupont, LLC	DC, USA		100	%	Hooters SA (Pty) Ltd	South Africa		78	%
BGR Old Keene Mill, LLC	VA, USA		100	%	Hooters Umhlanga (Pty.) Ltd.	South Africa		90	%
BGR Old Town, LLC	VA, USA		100	%	Hooters Willows Crossing (Pty) Ltd	South Africa		100	%
BGR Potomac, LLC	MD, USA		100	%
BGR Springfield Mall, LLC	VA, USA		100	%	*European Entities*
BGR Tysons, LLC	VA, USA		100	%	Chanticleer Holdings Limited	Jersey		100	%
BGR Washingtonian, LLC	MD, USA		100	%	West End Wings LTD	United Kingdom		100	%
Capitol Burger, LLC	MD, USA		100	%	Chanticleer Finance UK (No. 1) Plc	United Kingdom		100	%
BGR Mosaic, LLC	VA, USA		100	%
BGR Michigan Ave, LLC	DC, USA		100	%	*Inactive Entities*
BGR Chevy Chase, LLC	MD, USA		100	%	Hoot Surfers Paradise Pty. Ltd.	Australia		60	%
BT Burger Acquisition, LLC	NC, USA		100	%	Hooters Brazil	Brazil		100	%
BT’s Burgerjoint Biltmore, LLC	NC, USA		100	%	DineOut SA Ltd.	England		89	%
BT’s Burgerjoint Promenade, LLC	NC, USA		100	%	Avenel Financial Services, LLC	NV, USA		100	%
BT’s Burgerjoint Rivergate LLC	NC, USA		100	%	Avenel Ventures, LLC	NV, USA		100	%
BT’s Burgerjoint Sun Valley, LLC	NC, USA		100	%	Chanticleer Advisors, LLC	NV, USA		100	%
LBB Acquisition, LLC	NC, USA		100	%	Chanticleer Investment Partners, LLC	NC, USA		100	%
Cuarto LLC	OR, USA		100	%	Dallas Spoon Beverage, LLC	TX, USA		100	%
LBB Acquisition 1 LLC	OR, USA		100	%	Dallas Spoon, LLC	TX, USA		100	%
LBB Green Lake LLC	OR, USA		50	%	American Roadside Cross Hill, LLC	NC, USA		100	%
LBB Hassalo LLC	OR, USA		80	%	UK Bond Company	United Kingdom		100	%
LBB Platform LLC	OR, USA		80	%
LBB Progress Ridge LLC	OR, USA		50	%
Noveno LLC	OR, USA		100	%
Octavo LLC	OR, USA		100	%
Primero LLC	OR, USA		100	%
Quinto LLC	OR, USA		100	%
Segundo LLC	OR, USA		100	%
Septimo LLC	OR, USA		100	%
Sexto LLC	OR, USA		100	%

GENERAL

LIQUIDITY AND CAPITAL RESOURCES

	●	our ability to access the capital and debt markets to satisfy current obligations and operate the business;

	●	our ability to refinance or otherwise extend maturities of current debt obligations;

	●	the level of investment in acquisition of new restaurant businesses and entering new markets;

	●	our ability to manage our operating expenses and maintain gross margins as we grow:

	●	popularity of and demand for our fast-casual dining concepts; and

	●	general economic conditions and changes in consumer discretionary income.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

There have been no material changes to our significant accounting policies previously disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2016.

USE OF ESTIMATES

REVENUE RECOGNITION

Revenue is recognized when all of the following criteria have been satisfied:

	●	Persuasive evidence of an arrangement exists;

	●	Delivery has occurred or services have been rendered;

	●	The seller’s price to the buyer is fixed or determinable; and

	●	Collectability is reasonably assured.

Restaurant Net Sales and Food and Beverage Costs

Management Fee Income

The Company receives revenue from management fees from certain non-affiliated companies, including from managing its investment in Hooters of America.

Gaming Income

Franchise Income

LOSS PER COMMON SHARE

	March 31, 2017		March 31, 2016
Warrants -Weighted avg exercise price $4.95		9,072,032		9,506,304
Convertible notes - Weighted avg conversion price $0.67		5,233,684		3,772,674
Accrued interest on convertible notes		475,137		178,770
Total		14,780,863		13,457,748

On May 4, 2017, the Company issued 12 million warrants with an exercise price of $0.35. See Note 15 Subsequent Events.

Recent Accounting Pronouncements

XML 20 R9.htm IDEA: XBRL DOCUMENT

Acquisitions

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Acquisitions

3. ACQUISITIONS

2016 Acquisition

No proforma information was included as the proforma impact of the acquisition is not material.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Discontinued Operations

3 Months Ended

Mar. 31, 2017

Discontinued operations

Discontinued Operations

4. DISCONTINUED OPERATIONS

In June 2016, the Company approved a plan to exit the Australia and Eastern Europe markets, authorizing management to sell or close its five Hooters stores in Australia and its one store in Budapest.

There were no remaining balances attributable to discontinued operations on the accompanying condensed consolidated balance sheets as of March 31, 2017 or December 31, 2016.

The major line items comprising the loss of discontinued operations are as follows:

	Period Ended
	March 31, 2017		March 31, 2016

Revenue	$	-	$	1,505,942
Restaurant cost of sales		-		526,825
Restaurant operating expenses		-		1,303,379
General and administrative expenses		-		86,126
Depreciation and amortization		-		258,215
Other		-		10,778
Loss of discontinued operations		-		(679,381	)
Loss on write-down of net assets		-		-
Total pretax loss of discontinued operations		-		(679,381	)
Income tax		-		-
Loss on discontinued operations	$	-	$	(679,381	)

XML 22 R11.htm IDEA: XBRL DOCUMENT

Property and Equipment

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

Property and Equipment

5. PROPERTY AND EQUIPMENT

Property and equipment consists of the following:

	March 31, 2017			December 31, 2016
Leasehold improvements	$	10,714,841		$	10,363,996
Restaurant furniture and equipment		6,846,679			6,716,926
Construction in progress		602,522			582,265
Office and computer equipment		68,303			68,303
Land and buildings		844,965			826,664
Office furniture and fixtures		108,030			108,030
		19,185,340			18,666,184
Accumulated depreciation and amortization		(7,686,565	)		(7,152,491	)
	$	11,498,775		$	11,513,693

Depreciation and amortization expense was approximately $0.5 million for both periods ended March 31, 2017 and 2016, respectively.

XML 23 R12.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets, Net

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

6. GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill is summarized by location as follows:

	March 31, 2017		December 31, 2016
Hooters Full Service	$	4,493,548	$	4,461,167
Better Burgers Fast Casual		7,448,848		7,448,848
Just Fresh Fast Casual		495,755		495,755
	$	12,438,151	$	12,405,770

The changes in the carrying amount of goodwill are summarized as follows:

	March 31, 2017		December 31, 2016
Beginning Balance	$	12,405,770	$	12,702,139
Acquisitions		-		70,604
Adjustments		-		62,192
Foreign currency translation (loss) gain		32,381		(429,165	)
Ending Balance	$	12,438,151	$	12,405,770

Other intangible assets, consisting of franchise costs, trademarks and tradenames, is summarized by location as follows:

	Estimated Useful Life	March 31, 2017			December 31, 2016
Trademark, Tradenames:
Just Fresh	10 years	$	1,010,000		$	1,010,000
American Roadside Burger	10 years		1,786,930			1,786,930
BGR: The Burger Joint	Indefinte		1,430,000			1,430,000
Little Big Burger	Indefinte		1,550,000			1,550,000
			5,776,930			5,776,930
Franchise fees:
Hooters South Africa	20 years		329,393			322,258
Hooters Pacific NW	20 years		88,826			88,826
BGR: The Burger Joint	Indefinite		1,320,000			1,320,000
Hooters UK	20 years		12,500			30,848
			1,750,719			1,761,932
Total Intangibles at cost			7,527,649			7,538,862
Accumulated amortization			(1,085,809	)		(1,008,619	)
Intangible assets, net		$	6,441,840		$	6,530,243

	Periods Ended
	March 31, 2017		March 31, 2016
Amortization expense	$	75,776	$	82,235

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

XML 24 R13.htm IDEA: XBRL DOCUMENT

Long-Term Debt and Notes Payable

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Long-Term Debt and Notes Payable

7. LONG-TERM DEBT AND NOTES PAYABLE

Long-term debt and notes payable are summarized as follows.

	March 31, 2017		December 31, 2016

Note Payable, due January 2017, net of discount of $0 and $171,868, respectively (b)	$	5,000,000	$	5,000,000

Note Payable, due April 2017		707,231		725,231

Note Payable, due October 2018		85,974		85,974

Mortgage Note, South Africa, due July 2024		213,685		215,962

Bank overdraft facilities, South Africa, annual renewal		161,647		124,598

Equipment financing arrangements, South Africa		133,984		145,430

Receivables financing facilities (a)		495,898		161,899
Total long-term debt	$	6,798,419	$	6,459,094
Current portion of long-term debt		784,628		6,171,649
Long-term debt, less current portion	$	6,013,791	$	287,445

For the three months ended March 31, 2017 and 2016 amortization of debt discount was $0 and $42,969 respectively.

The Company granted a security interest in the credit card receivables of the specified restaurants in connection with the Receivables Financing Agreements.

XML 25 R14.htm IDEA: XBRL DOCUMENT

Convertible Notes Payable

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Convertible Notes Payable

8. cONVERTIBLE NOTEs PAYABLE

Convertible Notes payable are summarized as follows:

	March 31, 2017			December 31, 2016

6% Convertible notes payable due June 2018	$	3,000,000		$	3,000,000
8% Convertible notes payable due March 2019		100,000			100,000
8% Convertible notes payable due March 2019		150,000			150,000
Discounts on above convertible note		-			(46,936	)
8% Convertible notes payable due March 2019		420,108			475,000
Discounts on above convertible note		(296,086	)		-
Total Convertible notes payable		3,374,022			3,678,064
Current portion of convertible notes payable		-			-
Convertible notes payable, less current portion	$	3,374,022		$	3,678,064

For the three months ended March 31, 2017 and 2016 amortization of debt discount was $343,022 and $320,190 respectively.

In addition, the lenders of the $3 million 6% convertible debt agreed to waive defaults and extend the note maturity by eighteen months (to June 30, 2018).

XML 26 R15.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2017

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

10. accounts payable and accrued expenses

Accounts payable and accrued expenses are summarized as follows:

	March 31, 2017		December 31, 2016

Accounts payable and accrued expenses	$	3,901,520	$	3,807,880
Accrued taxes (VAT, Sales Payroll)		816,266		988,056
Accrued income taxes		16,416		71,713
Accrued interest		531,164		685,419
	$	5,265,366	$	5,553,068

XML 27 R16.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

The Company has 5,000,000 shares of its no par value preferred stock authorized at both March 31, 2017 and December 31, 2016.

Options and Warrants

The Company also has issued warrants to investors in connection with financing transactions in prior periods. A summary of the warrants outstanding and related activity is presented below:

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Life
Outstanding January 1, 2017		9,222,032		$	4.98		1.7
Granted		-			-		-
Exercised		-			-		0
Forfeited		(150,000	)		6.75		-
Outstanding March 31, 2017		9,072,032		$	4.95		1.4

Exercisable March 31, 2017		9,072,032		$	4.95		1.4

Exercise Price	Outstanding Number of Warrants		Weighted Average Remaining Life in Years		Exerciseable Number of Warrants
> $4.00		7,289,631		1.3		7,289,631
$3.00-$3.99		499,901		2.4		499,901
$2.00-$2.99		779,500		2.8		779,500
$1.00-$1.99		503,000		4.0		503,000
		9,072,032		1.4		9,072,032

On May 4, 2017, the Company issued 12 million warrants with an exercise price of $0.35. See Note 15 Subsequent Events.

XML 28 R17.htm IDEA: XBRL DOCUMENT

Related Party Transactions

3 Months Ended

Mar. 31, 2017

Related Party Transactions

12. RELATED PARTY TRANSACTIONS

Due to related parties

The Company has received non-interest bearing, short-term advances Chanticleer Investors, LCC, a related party, in the amount of $194,350 as of March 31, 2017 and December 31, 2016

XML 29 R18.htm IDEA: XBRL DOCUMENT

Segment Information

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segment Information

13. SEGMENT INFORMATION

	Three Months Ended
	March 31, 2017			March 31, 2016
Revenue:
Hooters Full Service	$	3,135,463		$	3,173,912
Better Burgers Fast Casual		5,316,287			5,551,651
Just Fresh Fast Casual		1,383,257			1,361,213
Corporate and Other		24,990			25,000
	$	9,859,997		$	10,111,776

Operating Income (Loss):
Hooters Full Service	$	(42,846	)	$	50,820
Better Burgers Fast Casual		(169,110	)		(68,397	)
Just Fresh Fast Casual		63,640			(73,208	)
Corporate and Other		(841,072	)		(815,298	)
	$	(989,388	)	$	(906,083	)

Depreciation and Amortization
Hooters Full Service	$	136,180		$	129,277
Better Burgers Fast Casual		376,631			365,131
Just Fresh Fast Casual		79,726			75,123
Corporate and Other		843			910
	$	593,380		$	570,441

The following are revenues and operating income (loss) from continuing operations and non-current assets by geographic region as of and for the periods presented.

	Three Months Ended
	March 31, 2017			March 31, 2016
Revenue:
United States	$	7,912,094		$	8,229,146
South Africa		1,384,394			1,214,056
Europe		563,509			668,574
	$	9,859,997		$	10,111,776

Operating Income (Loss):
United States	$	(941,072	)	$	(865,812	)
South Africa		(57,061	)		(60,057	)
Europe		8,745			19,786
	$	(989,388	)	$	(906,083	)

	March 31, 2017		December 31, 2016
Non-current Assets:
United States	$	26,761,752	$	26,812,062
South Africa		2,517,644		2,519,135
Europe		2,364,896		2,361,246
	$	31,644,292	$	31,692,443

XML 30 R19.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. COMMITMENTS AND CONTINGENCIES

XML 31 R20.htm IDEA: XBRL DOCUMENT

Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

Issuance of $6 Million Non-Convertible Secured Debentures and Warrants; Repayment of $5 Million outstanding Notes to Florida Mezzanine Fund

NASDAQ Hearing and Reverse Split

XML 32 R21.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Use of Estimates

USE OF ESTIMATES

Revenue Recognition

REVENUE RECOGNITION

Revenue is recognized when all of the following criteria have been satisfied:

	●	Persuasive evidence of an arrangement exists;

	●	Delivery has occurred or services have been rendered;

	●	The seller’s price to the buyer is fixed or determinable; and

	●	Collectability is reasonably assured.

Restaurant Net Sales and Food and Beverage Costs

Management Fee Income

The Company receives revenue from management fees from certain non-affiliated companies, including from managing its investment in Hooters of America.

Gaming Income

Franchise Income

Loss Per Common Share

LOSS PER COMMON SHARE

	March 31, 2017		March 31, 2016
Warrants -Weighted avg exercise price $4.95		9,072,032		9,506,304
Convertible notes - Weighted avg conversion price $0.67		5,233,684		3,772,674
Accrued interest on convertible notes		475,137		178,770
Total		14,780,863		13,457,748

On May 4, 2017, the Company issued 12 million warrants with an exercise price of $0.35. See Note 15 Subsequent Events.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

XML 33 R22.htm IDEA: XBRL DOCUMENT

Nature of Business (Tables)

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Subsidiaries

Name	Jurisdiction of Incorporation	Percent Owned			Name	Jurisdiction of Incorporation	Percent Owned
CHANTICLEER HOLDINGS, INC.	DE, USA
*Burger Business*					*Just Fresh*
American Roadside Burgers, Inc.	DE, USA		100	%	JF Franchising Systems, LLC	NC, USA		56	%
ARB Stores					JF Restaurants, LLC	NC, USA		56	%
American Burger Ally, LLC	NC, USA		100	%
American Burger Morehead, LLC	NC, USA		100	%	*West Coast Hooters*
American Roadside McBee, LLC	NC, USA		100	%	Jantzen Beach Wings, LLC	OR, USA		100	%
American Roadside Southpark LLC	NC, USA		100	%	Oregon Owl’s Nest, LLC	OR, USA		100	%
American Roadside Burgers Smithtown, Inc.	DE, USA		100	%	Tacoma Wings, LLC	WA, USA		100	%
American Burger Prosperity, LLC	NC, USA		100	%
BGR Acquisition, LLC	NC, USA		100	%	*South African Entities*
BGR Acquisition 1, LLC					Chanticleer South Africa (Pty) Ltd.	South Africa		100	%
BGR Franchising, LLC	VA, USA		100	%	Hooters Emperors Palace (Pty.) Ltd.	South Africa		88	%
BGR Operations, LLC	VA, USA		100	%	Hooters On The Buzz (Pty) Ltd	South Africa		95	%
BGR Arlington, LLC	VA, USA		100	%	Hooters PE (Pty) Ltd	South Africa		100	%
BGR Cascades, LLC	VA, USA		100	%	Hooters Ruimsig (Pty) Ltd.	South Africa		100	%
BGR Dupont, LLC	DC, USA		100	%	Hooters SA (Pty) Ltd	South Africa		78	%
BGR Old Keene Mill, LLC	VA, USA		100	%	Hooters Umhlanga (Pty.) Ltd.	South Africa		90	%
BGR Old Town, LLC	VA, USA		100	%	Hooters Willows Crossing (Pty) Ltd	South Africa		100	%
BGR Potomac, LLC	MD, USA		100	%
BGR Springfield Mall, LLC	VA, USA		100	%	*European Entities*
BGR Tysons, LLC	VA, USA		100	%	Chanticleer Holdings Limited	Jersey		100	%
BGR Washingtonian, LLC	MD, USA		100	%	West End Wings LTD	United Kingdom		100	%
Capitol Burger, LLC	MD, USA		100	%	Chanticleer Finance UK (No. 1) Plc	United Kingdom		100	%
BGR Mosaic, LLC	VA, USA		100	%
BGR Michigan Ave, LLC	DC, USA		100	%	*Inactive Entities*
BGR Chevy Chase, LLC	MD, USA		100	%	Hoot Surfers Paradise Pty. Ltd.	Australia		60	%
BT Burger Acquisition, LLC	NC, USA		100	%	Hooters Brazil	Brazil		100	%
BT’s Burgerjoint Biltmore, LLC	NC, USA		100	%	DineOut SA Ltd.	England		89	%
BT’s Burgerjoint Promenade, LLC	NC, USA		100	%	Avenel Financial Services, LLC	NV, USA		100	%
BT’s Burgerjoint Rivergate LLC	NC, USA		100	%	Avenel Ventures, LLC	NV, USA		100	%
BT’s Burgerjoint Sun Valley, LLC	NC, USA		100	%	Chanticleer Advisors, LLC	NV, USA		100	%
LBB Acquisition, LLC	NC, USA		100	%	Chanticleer Investment Partners, LLC	NC, USA		100	%
Cuarto LLC	OR, USA		100	%	Dallas Spoon Beverage, LLC	TX, USA		100	%
LBB Acquisition 1 LLC	OR, USA		100	%	Dallas Spoon, LLC	TX, USA		100	%
LBB Green Lake LLC	OR, USA		50	%	American Roadside Cross Hill, LLC	NC, USA		100	%
LBB Hassalo LLC	OR, USA		80	%	UK Bond Company	United Kingdom		100	%
LBB Platform LLC	OR, USA		80	%
LBB Progress Ridge LLC	OR, USA		50	%
Noveno LLC	OR, USA		100	%
Octavo LLC	OR, USA		100	%
Primero LLC	OR, USA		100	%
Quinto LLC	OR, USA		100	%
Segundo LLC	OR, USA		100	%
Septimo LLC	OR, USA		100	%
Sexto LLC	OR, USA		100	%

XML 34 R23.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the number of common shares potentially issuable upon the exercise of certain warrants, convertible notes payable and convertible interest as of March 31, 2017 and 2016 that have been excluded from the calculation of diluted net loss per common share since the effect would be antidilutive.

	March 31, 2017		March 31, 2016
Warrants -Weighted avg exercise price $4.95		9,072,032		9,506,304
Convertible notes - Weighted avg conversion price $0.67		5,233,684		3,772,674
Accrued interest on convertible notes		475,137		178,770
Total		14,780,863		13,457,748

XML 35 R24.htm IDEA: XBRL DOCUMENT

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2017

Discontinued operations

Schedule of Operating Results From Discontinued Operations Pre-Tax Loss

The major line items comprising the loss of discontinued operations are as follows:

	Period Ended
	March 31, 2017		March 31, 2016

Revenue	$	-	$	1,505,942
Restaurant cost of sales		-		526,825
Restaurant operating expenses		-		1,303,379
General and administrative expenses		-		86,126
Depreciation and amortization		-		258,215
Other		-		10,778
Loss of discontinued operations		-		(679,381	)
Loss on write-down of net assets		-		-
Total pretax loss of discontinued operations		-		(679,381	)
Income tax		-		-
Loss on discontinued operations	$	-	$	(679,381	)

XML 36 R25.htm IDEA: XBRL DOCUMENT

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property and equipment consists of the following:

	March 31, 2017			December 31, 2016
Leasehold improvements	$	10,714,841		$	10,363,996
Restaurant furniture and equipment		6,846,679			6,716,926
Construction in progress		602,522			582,265
Office and computer equipment		68,303			68,303
Land and buildings		844,965			826,664
Office furniture and fixtures		108,030			108,030
		19,185,340			18,666,184
Accumulated depreciation and amortization		(7,686,565	)		(7,152,491	)
	$	11,498,775		$	11,513,693

XML 37 R26.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill is summarized by location as follows:

	March 31, 2017		December 31, 2016
Hooters Full Service	$	4,493,548	$	4,461,167
Better Burgers Fast Casual		7,448,848		7,448,848
Just Fresh Fast Casual		495,755		495,755
	$	12,438,151	$	12,405,770

Summary of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill are summarized as follows:

	March 31, 2017		December 31, 2016
Beginning Balance	$	12,405,770	$	12,702,139
Acquisitions		-		70,604
Adjustments		-		62,192
Foreign currency translation (loss) gain		32,381		(429,165	)
Ending Balance	$	12,438,151	$	12,405,770

Schedule of Other Intangible Assets

Other intangible assets, consisting of franchise costs, trademarks and tradenames, is summarized by location as follows:

	Estimated Useful Life	March 31, 2017			December 31, 2016
Trademark, Tradenames:
Just Fresh	10 years	$	1,010,000		$	1,010,000
American Roadside Burger	10 years		1,786,930			1,786,930
BGR: The Burger Joint	Indefinte		1,430,000			1,430,000
Little Big Burger	Indefinte		1,550,000			1,550,000
			5,776,930			5,776,930
Franchise fees:
Hooters South Africa	20 years		329,393			322,258
Hooters Pacific NW	20 years		88,826			88,826
BGR: The Burger Joint	Indefinite		1,320,000			1,320,000
Hooters UK	20 years		12,500			30,848
			1,750,719			1,761,932
Total Intangibles at cost			7,527,649			7,538,862
Accumulated amortization			(1,085,809	)		(1,008,619	)
Intangible assets, net		$	6,441,840		$	6,530,243

	Periods Ended
	March 31, 2017		March 31, 2016
Amortization expense	$	75,776	$	82,235

XML 38 R27.htm IDEA: XBRL DOCUMENT

Long-Term Debt and Notes Payable (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Summary of Long-Term Debt and Notes Payable

Long-term debt and notes payable are summarized as follows.

	March 31, 2017		December 31, 2016

Note Payable, due January 2017, net of discount of $0 and $171,868, respectively (b)	$	5,000,000	$	5,000,000

Note Payable, due April 2017		707,231		725,231

Note Payable, due October 2018		85,974		85,974

Mortgage Note, South Africa, due July 2024		213,685		215,962

Bank overdraft facilities, South Africa, annual renewal		161,647		124,598

Equipment financing arrangements, South Africa		133,984		145,430

Receivables financing facilities (a)		495,898		161,899
Total long-term debt	$	6,798,419	$	6,459,094
Current portion of long-term debt		784,628		6,171,649
Long-term debt, less current portion	$	6,013,791	$	287,445

For the three months ended March 31, 2017 and 2016 amortization of debt discount was $0 and $42,969 respectively.

The Company granted a security interest in the credit card receivables of the specified restaurants in connection with the Receivables Financing Agreements.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

XML 39 R28.htm IDEA: XBRL DOCUMENT

Convertible Notes Payable (Tables)

3 Months Ended

Mar. 31, 2017

Convertible Notes Payable [Abstract]

Schedule of Convertible Notes Payable

Convertible Notes payable are summarized as follows:

	March 31, 2017			December 31, 2016

6% Convertible notes payable due June 2018	$	3,000,000		$	3,000,000
8% Convertible notes payable due March 2019		100,000			100,000
8% Convertible notes payable due March 2019		150,000			150,000
Discounts on above convertible note		-			(46,936	)
8% Convertible notes payable due March 2019		420,108			475,000
Discounts on above convertible note		(296,086	)		-
Total Convertible notes payable		3,374,022			3,678,064
Current portion of convertible notes payable		-			-
Convertible notes payable, less current portion	$	3,374,022		$	3,678,064

XML 40 R29.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2017

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses are summarized as follows:

	March 31, 2017		December 31, 2016

Accounts payable and accrued expenses	$	3,901,520	$	3,807,880
Accrued taxes (VAT, Sales Payroll)		816,266		988,056
Accrued income taxes		16,416		71,713
Accrued interest		531,164		685,419
	$	5,265,366	$	5,553,068

XML 41 R30.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Schedule of Warrants Activity

A summary of the warrants outstanding and related activity is presented below:

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Life
Outstanding January 1, 2017		9,222,032		$	4.98		1.7
Granted		-			-		-
Exercised		-			-		0
Forfeited		(150,000	)		6.75		-
Outstanding March 31, 2017		9,072,032		$	4.95		1.4

Exercisable March 31, 2017		9,072,032		$	4.95		1.4

Schedule of Warrants Outstanding

Exercise Price	Outstanding Number of Warrants		Weighted Average Remaining Life in Years		Exerciseable Number of Warrants
> $4.00		7,289,631		1.3		7,289,631
$3.00-$3.99		499,901		2.4		499,901
$2.00-$2.99		779,500		2.8		779,500
$1.00-$1.99		503,000		4.0		503,000
		9,072,032		1.4		9,072,032

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 42 R31.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Schedule of Revenues and Operating Income (loss) by Segment

	Three Months Ended
	March 31, 2017			March 31, 2016
Revenue:
Hooters Full Service	$	3,135,463		$	3,173,912
Better Burgers Fast Casual		5,316,287			5,551,651
Just Fresh Fast Casual		1,383,257			1,361,213
Corporate and Other		24,990			25,000
	$	9,859,997		$	10,111,776

Operating Income (Loss):
Hooters Full Service	$	(42,846	)	$	50,820
Better Burgers Fast Casual		(169,110	)		(68,397	)
Just Fresh Fast Casual		63,640			(73,208	)
Corporate and Other		(841,072	)		(815,298	)
	$	(989,388	)	$	(906,083	)

Depreciation and Amortization
Hooters Full Service	$	136,180		$	129,277
Better Burgers Fast Casual		376,631			365,131
Just Fresh Fast Casual		79,726			75,123
Corporate and Other		843			910
	$	593,380		$	570,441

Summary of Revenues, Operating Loss, Long-Lived Assets By Geographic Area

The following are revenues and operating income (loss) from continuing operations and non-current assets by geographic region as of and for the periods presented.

	Three Months Ended
	March 31, 2017			March 31, 2016
Revenue:
United States	$	7,912,094		$	8,229,146
South Africa		1,384,394			1,214,056
Europe		563,509			668,574
	$	9,859,997		$	10,111,776

Operating Income (Loss):
United States	$	(941,072	)	$	(865,812	)
South Africa		(57,061	)		(60,057	)
Europe		8,745			19,786
	$	(989,388	)	$	(906,083	)

	March 31, 2017		December 31, 2016
Non-current Assets:
United States	$	26,761,752	$	26,812,062
South Africa		2,517,644		2,519,135
Europe		2,364,896		2,361,246
	$	31,644,292	$	31,692,443

XML 43 R32.htm IDEA: XBRL DOCUMENT

Nature of Business (Details Narrative)	3 Months Ended
Nature of Business (Details Narrative)	Mar. 31, 2017 USD ($) Stores	Dec. 31, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Cash	$ 277,820	$ 268,575	$ 906,850	$ 1,224,415
Working capital deficit	5,400,000
May 2017 [Member]
Proceeds from private placement	$ 6,000,000
Debentures percentage	8.00%
Proceeds from repayment of note payable	$ 5,000,000
Minimum [Member]
Number of stores \| Stores	6
Maximum [Member]
Number of stores \| Stores	10

XML 44 R33.htm IDEA: XBRL DOCUMENT

Nature of Business - Schedule of Subsidiaries (Details)	3 Months Ended	15 Months Ended
Nature of Business - Schedule of Subsidiaries (Details)	Mar. 31, 2017	Mar. 31, 2017
Chanticleer Holdings Inc [Member]
Company name	CHANTICLEER HOLDINGS, INC.
Jurisdiction of Incorporation	DE, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| American Roadside Burgers, Inc [Member]
Company name	American Roadside Burgers, Inc.
Jurisdiction of Incorporation	DE, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| American Burger Ally, LLC [Member]
Company name	American Burger Ally, LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| American Burger Morehead, LLC [Member]
Company name	American Burger Morehead, LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| American Roadside McBee, LLC [Member]
Company name	American Roadside McBee, LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| American Roadside Southpark LLC [Member]
Company name	American Roadside Southpark LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| American Roadside Burgers Smithtown Inc [Member]
Company name	American Roadside Burgers Smithtown, Inc.
Jurisdiction of Incorporation	DE, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| American Burger Prosperity LLC [Member]
Company name	American Burger Prosperity, LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Acquisition, LLC [Member]
Company name	BGR Acquisition, LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Franchising, LLC [Member]
Company name	BGR Franchising, LLC
Jurisdiction of Incorporation	VA, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Operations, LLC [Member]
Company name	BGR Operations, LLC
Jurisdiction of Incorporation	VA, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Arlington, LLC [Member]
Company name	BGR Arlington, LLC
Jurisdiction of Incorporation	VA, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Cascades, LLC [Member]
Company name	BGR Cascades, LLC
Jurisdiction of Incorporation	VA, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Dupont, LLC [Member]
Company name	BGR Dupont, LLC
Jurisdiction of Incorporation	DC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Old Keene Mill, LLC [Member]
Company name	BGR Old Keene Mill, LLC
Jurisdiction of Incorporation	VA, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Old Town, LLC [Member]
Company name	BGR Old Town, LLC
Jurisdiction of Incorporation	VA, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Potomac, LLC [Member]
Company name	BGR Potomac, LLC
Jurisdiction of Incorporation	MD, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Springfield Mall, LLC [Member]
Company name	BGR Springfield Mall, LLC
Jurisdiction of Incorporation	VA, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Tysons, LLC [Member]
Company name	BGR Tysons, LLC
Jurisdiction of Incorporation	VA, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Washingtonian, LLC [Member]
Company name	BGR Washingtonian, LLC
Jurisdiction of Incorporation	MD, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| Capitol Burger, LLC [Member]
Company name	Capitol Burger, LLC
Jurisdiction of Incorporation	MD, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Mosaic, LLC [Member]
Company name	BGR Mosaic, LLC
Jurisdiction of Incorporation	VA, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Michigan Ave, LLC [Member]
Company name	BGR Michigan Ave, LLC
Jurisdiction of Incorporation	DC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Chevy Chase, LLC [Member]
Company name	BGR Chevy Chase, LLC
Jurisdiction of Incorporation	MD, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BGR Acquisition 1, LLC [Member]
Company name	BGR Acquisition 1, LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BT Burger Acquisition, LLC [Member]
Company name	BT Burger Acquisition, LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BT's Burgerjoint Biltmore, LLC [Member]
Company name	BT’s Burgerjoint Biltmore, LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BT's Burgerjoint Promenade, LLC [Member]
Company name		BT’s Burgerjoint Promenade, LLC
Jurisdiction of Incorporation		NC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BT's Burgerjoint Rivergate LLC [Member]
Company name	BT’s Burgerjoint Rivergate LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| BT's Burgerjoint Sun Valley, LLC [Member]
Company name	BT’s Burgerjoint Sun Valley, LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| LBB Acquisition, LLC [Member]
Company name	LBB Acquisition, LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| Cuarto LLC [Member]
Company name	Cuarto LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| LBB Acquisition 1 LLC [Member]
Company name	LBB Acquisition 1 LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| LBB Green Lake LLC [Member]
Company name	LBB Green Lake LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	50.00%	50.00%
Burger Business [Member] \| LBB Hassalo LLC [Member]
Company name	LBB Hassalo LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	80.00%	80.00%
Burger Business [Member] \| LBB Platform LLC [Member]
Company name	LBB Platform LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	80.00%	80.00%
Burger Business [Member] \| LBB Progress Ridge LLC [Member]
Company name	LBB Progress Ridge LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	50.00%	50.00%
Burger Business [Member] \| Noveno LLC [Member]
Company name	Noveno LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| Octavo LLC [Member]
Company name	Octavo LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| Primero LLC [Member]
Company name	Primero LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| Quinto LLC [Member]
Company name	Quinto LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| Segundo LLC [Member]
Company name	Segundo LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| Septimo LLC [Member]
Company name	Septimo LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	100.00%	100.00%
Burger Business [Member] \| Sexto LLC [Member]
Company name	Sexto LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	100.00%	100.00%
Just Fresh [Member] \| JF Franchising Systems, LLC [Member]
Company name	JF Franchising Systems, LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	56.00%	56.00%
Just Fresh [Member] \| JF Restaurants, LLC [Member]
Company name	JF Restaurants, LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	56.00%	56.00%
West Coast Hooters [Member] \| Jantzen Beach Wings, LLC [Member]
Company name	Jantzen Beach Wings, LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	100.00%	100.00%
West Coast Hooters [Member] \| Oregon Owl's Nest, LLC [Member]
Company name	Oregon Owl’s Nest, LLC
Jurisdiction of Incorporation	OR, USA
Percent Owned	100.00%	100.00%
West Coast Hooters [Member] \| Tacoma Wings, LLC [Member]
Company name	Tacoma Wings, LLC
Jurisdiction of Incorporation	WA, USA
Percent Owned	100.00%	100.00%
South African Entities [Member] \| Chanticleer South Africa (Pty) Ltd [Member]
Company name	Chanticleer South Africa (Pty) Ltd.
Jurisdiction of Incorporation	South Africa
Percent Owned	100.00%	100.00%
South African Entities [Member] \| Hooters Emperors Palace (Pty) Ltd. [Member]
Company name	Hooters Emperors Palace (Pty.) Ltd.
Jurisdiction of Incorporation	South Africa
Percent Owned	88.00%	88.00%
South African Entities [Member] \| Hooters On The Buzz (Pty) Ltd [Member]
Company name	Hooters On The Buzz (Pty) Ltd
Jurisdiction of Incorporation	South Africa
Percent Owned	95.00%	95.00%
South African Entities [Member] \| Hooters PE (Pty) Ltd [Member]
Company name	Hooters PE (Pty) Ltd
Jurisdiction of Incorporation	South Africa
South African Entities [Member] \| Hooters Ruimsig (Pty) Ltd [Member]
Company name	Hooters Ruimsig (Pty) Ltd.
Jurisdiction of Incorporation	South Africa
Percent Owned	100.00%	100.00%
South African Entities [Member] \| Hooters SA (Pty) Ltd [Member]
Company name	Hooters SA (Pty) Ltd
Jurisdiction of Incorporation	South Africa
Percent Owned	90.00%	90.00%
South African Entities [Member] \| Hooters Umhlanga (Pty.) Ltd [Member]
Company name	Hooters Umhlanga (Pty.) Ltd.
Jurisdiction of Incorporation	South Africa
Percent Owned	81.00%	81.00%
South African Entities [Member] \| Hooters Willows Crossing (Pty) Ltd [Member]
Company name	Hooters Willows Crossing (Pty) Ltd
Jurisdiction of Incorporation	South Africa
Percent Owned	100.00%	100.00%
South African Hooters [Member] \| Hooters PE (Pty) Ltd [Member]
Percent Owned	100.00%	100.00%
European Entities [Member] \| Chanticleer Holdings Limited [Member]
Company name	Chanticleer Holdings Limited
Jurisdiction of Incorporation	Jersey
Percent Owned	100.00%	100.00%
European Entities [Member] \| West End Wings LTD [Member]
Company name	West End Wings LTD
Jurisdiction of Incorporation	United Kingdom
Percent Owned	100.00%	100.00%
European Entities [Member] \| Chanticleer Finance UK (No. 1) Plc [Member]
Company name	Chanticleer Finance UK (No. 1) Plc
Jurisdiction of Incorporation	United Kingdom
Percent Owned	100.00%	100.00%
Inactive Entities [Member] \| Hoot Surfers Paradise Pty. Ltd [Member]
Company name	Hoot Surfers Paradise Pty. Ltd.
Jurisdiction of Incorporation	Australia
Percent Owned	60.00%	60.00%
Inactive Entities [Member] \| Hooters Brazil [Member]
Company name	Hooters Brazil
Jurisdiction of Incorporation	Brazil
Percent Owned	100.00%	100.00%
Inactive Entities [Member] \| DineOut SA Ltd [Member]
Company name	DineOut SA Ltd.
Jurisdiction of Incorporation	England
Percent Owned	89.00%	89.00%
Inactive Entities [Member] \| Avenel Financial Services, LLC [Member]
Company name	Avenel Financial Services, LLC
Jurisdiction of Incorporation	NV, USA
Percent Owned	100.00%	100.00%
Inactive Entities [Member] \| Avenel Ventures, LLC [Member]
Company name	Avenel Ventures, LLC
Jurisdiction of Incorporation	NV, USA
Percent Owned	100.00%	100.00%
Inactive Entities [Member] \| Chanticleer Advisors, LLC [Member]
Company name	Chanticleer Advisors, LLC
Jurisdiction of Incorporation	NV, USA
Percent Owned	100.00%	100.00%
Inactive Entities [Member] \| Chanticleer Investment Partners, LLC [Member]
Company name	Chanticleer Investment Partners, LLC
Jurisdiction of Incorporation	NV, USA
Percent Owned	100.00%	100.00%
Inactive Entities [Member] \| Dallas Spoon Beverage, LLC [Member]
Company name	Dallas Spoon Beverage, LLC
Jurisdiction of Incorporation	TX, USA
Percent Owned	100.00%	100.00%
Inactive Entities [Member] \| Dallas Spoon, LLC [Member]
Company name	Dallas Spoon, LLC
Jurisdiction of Incorporation	TX, USA
Percent Owned	100.00%	100.00%
Inactive Entities [Member] \| American Roadside Cross Hill, LLC [Member]
Company name	American Roadside Cross Hill, LLC
Jurisdiction of Incorporation	NC, USA
Percent Owned	100.00%	100.00%
Inactive Entities [Member] \| UK Bond Company [Member]
Company name	UK Bond Company
Jurisdiction of Incorporation	United Kingdom
Percent Owned	10000.00%	10000.00%

XML 45 R34.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Details Narrative) - May 4, 2017 [Member]	Mar. 31, 2017 $ / shares shares
Number of warrant shares issued \| shares	1,200,000
Warrant exercise price per share \| $ / shares	$ 0.35

XML 46 R35.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	14,780,865	13,457,748
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	9,072,034	9,506,304
Convertible Notes Payable [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,233,684	3,772,674
Convertible Interest [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	475,137	178,770

XML 47 R36.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Warrant [Member]
Weighted average exercise price	$ 4.95	$ 4.95
Convertible Notes Payable [Member]
Weighted average exercise price	$ 0.67	$ 0.67

XML 48 R37.htm IDEA: XBRL DOCUMENT

Acquisitions (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
Acquisitions (Details Narrative) - USD ($)	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Payments to acquire business in cash		$ 72,215
Goodwill	$ 12,438,151		$ 12,405,770	$ 12,702,139
Just Fresh Business [Member]
Business Acquisition [Line Items]
Payments to acquire business in cash			72,215
Payment to allocated to acquire inventory			1,611
Goodwill			$ 70,604

XML 49 R38.htm IDEA: XBRL DOCUMENT

Discontinued Operations (Details Narrative)	3 Months Ended
Discontinued Operations (Details Narrative)	Mar. 31, 2017 USD ($)
Discontinued operations
Repurchase option term	5 years
Repurchase option percentage	20.00%
Repurchase amount	$ 1

XML 50 R39.htm IDEA: XBRL DOCUMENT

Discontinued Operations - Schedule of Operating Results From Discontinued Operations Pre-Tax Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Discontinued operations
Revenue		$ 1,505,942
Restaurant cost of sales		526,825
Restaurant operating expenses		1,303,379
General and administrative expenses		86,126
Depreciation and amortization		258,215
Other		10,778
Loss of discontinued operations		(679,381)
Loss on write-down of net assets
Total pretax loss of discontinued operations		(679,381)
Income tax
Loss on discontinued operations		$ (679,381)

XML 51 R40.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 593,380	$ 570,440

XML 52 R41.htm IDEA: XBRL DOCUMENT

Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 19,185,340	$ 18,666,184
Accumulated depreciation and amortization	(7,686,565)	(7,152,491)
Property and equipment, net	11,498,775	11,513,693
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	10,714,841	10,363,996
Restaurant Furnishings and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,846,679	6,716,926
Construction In Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	602,522	582,265
Office and Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	68,303	68,303
Land and Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	844,965	826,664
Office Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 108,030	$ 108,030

XML 53 R42.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets, Net - Schedule of Goodwill (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Line Items]
Goodwill	$ 12,438,151	$ 12,405,770	$ 12,702,139
Hooters Full Service [Member]
Goodwill [Line Items]
Goodwill	4,493,548	4,461,167
Better Burgers Fast Casual [Member]
Goodwill [Line Items]
Goodwill	7,448,848	7,448,848
Just Fresh Fast Casual [Member]
Goodwill [Line Items]
Goodwill	$ 495,755	$ 495,755

XML 54 R43.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets, Net - Summary of Changes in Carrying Amount of Goodwill (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning Balance	$ 12,405,770	$ 12,702,139
Acquisitions		70,604
Adjustments		62,192
Foreign currency translation (loss) gain	32,381	(429,165)
Ending Balance	$ 12,438,151	$ 12,405,770

XML 55 R44.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Total intangible cost	$ 7,527,649		$ 7,538,862
Accumulated amortization	(1,085,809)		(1,008,619)
Intangible assets, net	6,441,840		6,530,243
Amortization expense	75,776	$ 82,235
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible cost	5,776,930		5,776,930
Trademarks and Trade Names [Member] \| Just Fresh [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible cost	$ 1,010,000		1,010,000
Estimated useful Life	10 years
Trademarks and Trade Names [Member] \| American Roadside Burgers [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible cost	$ 1,786,930		1,786,930
Estimated useful Life	10 years
Trademarks and Trade Names [Member] \| BGR The Burger Joint [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible cost	$ 1,430,000		1,430,000
Estimated useful Life description	Indefinite
Trademarks and Trade Names [Member] \| Little Big Burger [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible cost	$ 1,550,000		1,550,000
Estimated useful Life description	Indefinite
Franchise Fees [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible cost	$ 1,750,719		1,761,932
Franchise Fees [Member] \| Hooters South Africa [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible cost	$ 329,393		322,258
Estimated useful Life	20 years
Franchise Fees [Member] \| Hooters Pacific NW [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible cost	$ 88,826		88,826
Estimated useful Life	20 years
Franchise Fees [Member] \| Hooter UK [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible cost	$ 12,500		30,848
Estimated useful Life	20 years
Franchise Fees [Member] \| BGR The Burger Joint [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible cost	$ 1,320,000		$ 1,320,000
Estimated useful Life description	Indefinite

XML 56 R45.htm IDEA: XBRL DOCUMENT

Long-Term Debt and Notes Payable (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Debt Disclosure [Abstract]
Amortization expenses	$ 0	$ 42,969

XML 57 R46.htm IDEA: XBRL DOCUMENT

Long-Term Debt and Notes Payable - Summary of Long-Term Debt and Notes Payable (Details) - USD ($)

Mar. 31, 2017

Dec. 31, 2016

Short-term Debt [Line Items]

Total Long-term Debt

$ 6,798,419

$ 6,459,094

Current portion of long-term debt

784,628

6,171,649

Long-term debt, less current portion

6,013,791

287,445

Note Payable, Due January 2017, Net of Discount of $0 and $171,868, Respectively [Member]

Short-term Debt [Line Items]

Total Long-term Debt

^[1]

5,000,000

Note Payable, Due April 2017 [Member]

Short-term Debt [Line Items]

Total Long-term Debt

725,231

Note Payable, Due October 2018 [Member]

Short-term Debt [Line Items]

Total Long-term Debt

85,974

Mortgage Note, South Africa, Due July 2024[Member]

Short-term Debt [Line Items]

Total Long-term Debt

213,685

215,962

Bank Overdraft Facilities, South Africa, Annual Renewal [Member]

Short-term Debt [Line Items]

Total Long-term Debt

161,647

124,598

Equipment Financing Arrangements, South Africa [Member]

Short-term Debt [Line Items]

Total Long-term Debt

133,984

145,430

Receivable Financing Facilities [Member]

Short-term Debt [Line Items]

Total Long-term Debt

^[2]

$ 495,898

$ 161,899

[1]

[2]

During February 2017, in consideration for proceeds of $330,000, the Company agreed to remit a total of $412,500 from the merchant accounts of eight of its restaurant locations directly to a lender. The Company agreed to make payments of $1,965 per day for 210 days. The Company has the option to payoff the loan early by remitting a total of $372,900 by the 120th day. Also, during March 2017 in consideration for proceeds of $150,000, the Company agreed to remit a total of $205,500 from the merchant accounts of three of its restaurant locations directly to the lender. The Company agreed to make payments of $856.25 per day for 240 days. The Company granted a security interest in the credit card receivables of the specified restaurants in connection with the Receivables Financing Agreements.

XML 58 R47.htm IDEA: XBRL DOCUMENT

Long-Term Debt and Notes Payable - Summary of Long-Term Debt and Notes Payable (Details) (Parenthetical) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 28, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Proceeds from long term debt		$ 512,780
Payment for exchange		$ 5,000,000
Agreement description		Company from all claims and outstanding obligations pursuant to that certain Assumption Agreement dated June 30, 2014, as amended October 15, 2014 and October 22, 2016, and that certain Agreement dated May 23, 2016, as amended January 30, 2017, in exchange for payment of $5,000,000.
Long term debt		$ 6,798,419		$ 6,459,094
Florida Mezzanine [Member]
Proceeds from long term debt		500,000
Long term debt		206,746
Note Payable		$ 5,000,000
May 4, 2017 [Member]
Number of warrant to purchase shares of common stock		1,200,000
Warrant exercise price per share		$ 0.35
Securities Purchase Agreement [Member] \| May 4, 2017 [Member] \| Warrants Shares [Member]
Number of warrant to purchase shares of common stock		12,000,000
Warrant exercise price per share		$ 0.35
Securities Purchase Agreement [Member] \| Debentures [Member] \| May 4, 2017 [Member]
Convertible secured debentures principal balance		$ 6,000,000
Debt instruments bears interest rate		8.00%
Note payable maturity date		Dec. 31, 2018
Lender [Member]
Proceeds from long term debt	$ 330,000	$ 150,000
Total remit amount	412,500	205,500
Convertible secured debentures principal balance		$ 3,000,000
Note payable maturity date		Jun. 30, 2018
Lender [Member] \| 210 days [Member]
Debt periodic payment	1,965
Lender [Member] \| 120 days [Member]
Debt periodic payment	$ 372,900
Lender [Member] \| 240 days [Member]
Debt periodic payment		$ 856

XML 59 R48.htm IDEA: XBRL DOCUMENT

Convertible Notes Payable (Details Narrative) - USD ($)	3 Months Ended
Convertible Notes Payable (Details Narrative) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Debt Instrument, Redemption [Line Items]
Amortized debt discount	$ 122,694	$ 363,159
Debt conversion percentage	8.00%
Convertible debt principal amount	$ 820,107
Convertible notes payable	725,000
Unpaid accrued interest	$ 97,017
Conversion price per share	$ 0.30
Net loss on extinguishment	$ 362,822
Lender [Member]
Debt Instrument, Redemption [Line Items]
Convertible debt	$ 3,000,000
Convertible debt percentage	6.00%
Debt maturity date	Jun. 30, 2018
2% notes [Member]
Debt Instrument, Redemption [Line Items]
Convertible note payable term	2 years
Convertible Notes [Member]
Debt Instrument, Redemption [Line Items]
Convertible notes payable	$ 150,000
Net loss on extinguishment	$ 362,822

XML 60 R49.htm IDEA: XBRL DOCUMENT

Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Convertible Notes Payable [Line Items]
Convertible Notes Payable, Total	$ 725,000
Convertible notes payable, less current portion	3,374,022	$ 3,678,064
6% Convertible notes payable due June 2018 [Member]
Convertible Notes Payable [Line Items]
Convertible Notes Payable, Total	3,000,000	3,000,000
Convertible notes discount
8% Convertible notes payable due March 2019 [Member]
Convertible Notes Payable [Line Items]
Convertible Notes Payable, Total	100,000	100,000
Convertible notes discount
8% Convertible notes payable due March 2019 [Member]
Convertible Notes Payable [Line Items]
Convertible Notes Payable, Total	150,000	150,000
Convertible notes discount		(46,936)
8% Convertible notes payable due March 2019 [Member]
Convertible Notes Payable [Line Items]
Convertible Notes Payable, Total	420,108	475,000
Convertible notes discount
Convertible Notes Payable [Member]
Convertible Notes Payable [Line Items]
Convertible Notes Payable, Total	3,572,431	3,678,064
Current portion of convertible notes payable
Convertible notes payable, less current portion	$ 3,572,431	$ 3,678,064

XML 61 R50.htm IDEA: XBRL DOCUMENT

Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) (Parenthetical)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
6% Convertible notes payable due June 2018 [Member]
Note payable, due date	June 2018	June 2018
Convertible notes payable, Percentage	6.00%		6.00%
8% Convertible notes payable due March 2019 [Member]
Note payable, due date	March 2019	March 2019
Convertible notes payable, Percentage	8.00%		8.00%
8% Convertible notes payable due March 2019 [Member]
Note payable, due date	March 2019	March 2019
Convertible notes payable, Percentage	8.00%		8.00%
8% Convertible notes payable due March 2019 [Member]
Note payable, due date	March 2019	March 2019
Convertible notes payable, Percentage	8.00%		8.00%

XML 62 R51.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 3,901,520	$ 3,807,880
Accrued taxes (VAT, Sales Payroll)	816,266	988,056
Accrued income taxes	16,416	71,713
Accrued interest	531,164	685,419
Accounts payable and accrued expenses	$ 5,265,366	$ 5,553,068

XML 63 R52.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
Stockholders' Equity (Details Narrative) - USD ($)	Feb. 29, 2016	Mar. 31, 2017	Dec. 31, 2016
Stockholder's Equity [Line Items]
Common stock, shares authorized		45,000,000	45,000,000
Common stock, par value		$ 0.0001	$ 0.0001
Common stock, shares outstanding		22,149,108	21,337,247
Common stock, shares issued		22,149,108	21,337,247
Preferred stock, shares authorized		5,000,000	5,000,000
Preferred stock, par value
Preferred stock, shares issued		62,876	19,050
Preferred stock, shares outstanding		62,876	19,050
2014 Stock Incentive Plan [Member]
Stockholder's Equity [Line Items]
Number of shares available for future issuance		4,000,000
Lender [Member]
Stockholder's Equity [Line Items]
Exercise price		$ 0.62
Number of shares issued		562,900
Date description		This put right originally expired in January 2017 and was subsequently extended to March 31, 2017.
Employees, Board Members and Outside Consultants [Member]
Stockholder's Equity [Line Items]
Number of restricted shares issued		325,340
Employees [Member]
Stockholder's Equity [Line Items]
Number of restricted shares issued		150,000
Stock options granted		3,674,660
Florida Mezzanine Fund [Member]
Stockholder's Equity [Line Items]
Note Payable		$ 5,000,000
Series 1 Warrant [Member]
Stockholder's Equity [Line Items]
Purchase of common stock		10
Redeemable Series 1 Preferred Stock [Member]
Stockholder's Equity [Line Items]
Cumulative dividends rate		9.00%
Exercise price		$ 13.50
Series 1 Preferred Stock [Member]
Stockholder's Equity [Line Items]
Cumulative dividends rate		9.00%
Warrant term		7 years
Exercise price		$ 13.50
Preferred Stock [Member]
Stockholder's Equity [Line Items]
Number of shares issued	43,826	19,050
Preferred stock, shares issued	62,876
Preferred stock, shares outstanding	62,876

XML 64 R53.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Warrants Activity (Details)	3 Months Ended
	Mar. 31, 2017 $ / shares shares
Equity [Abstract]
Number of Warrants Outstanding beginning balance, shares \| shares	9,222,032
Granted, shares \| shares
Exercised, shares \| shares
Forfeited, shares \| shares	(150,000)
Number of Warrants Outstanding ending balance, shares \| shares	9,072,032
Exercisable, shares \| shares	9,072,032
Weighted-average exercise price, Outstanding beginning balance \| $ / shares	$ 4.98
Weighted-average exercise price, Granted \| $ / shares
Weighted-average exercise price, Exercised \| $ / shares
Weighted-average exercise price, Forfeited \| $ / shares	6.75
Weighted-average exercise price, Outstanding ending balance \| $ / shares	4.95
Exercisable, Weighted-average exercise price \| $ / shares	$ 4.95
Weighted Average Remaining Life In Years, Outstanding beginning balance	1 year 4 months 24 days
Weighted Average Remaining Life In Years, Granted	0 years
Weighted Average Remaining Life In Years, Exercised	0 years
Weighted Average Remaining Life In Years, Outstanding ending balance	1 year 4 months 24 days
Weighted Average Remaining Life In Years, Exercisable	1 year 4 months 24 days

XML 65 R54.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Warrants Outstanding (Details)	3 Months Ended
	Mar. 31, 2017 $ / shares shares
Warrants outstanding, Weighted-average remaining contractual life ( in years)	1 year 4 months 24 days
Warrant [Member]
Number of warrants, outstanding	9,072,032
Number of warrants exercisable	9,072,032
Range 1 [Member] \| Warrant [Member]
Range of exercise prices, upper limit \| $ / shares	$ 4.00
Number of warrants, outstanding	7,289,631
Warrants outstanding, Weighted-average remaining contractual life ( in years)	1 year 3 months 18 days
Number of warrants exercisable	7,289,631
Range 2 [Member] \| Warrant [Member]
Range of exercise prices, lower limit \| $ / shares	$ 3.00
Range of exercise prices, upper limit \| $ / shares	$ 3.99
Number of warrants, outstanding	499,901
Warrants outstanding, Weighted-average remaining contractual life ( in years)	2 years 4 months 24 days
Number of warrants exercisable	499,901
Range 3 [Member] \| Warrant [Member]
Range of exercise prices, lower limit \| $ / shares	$ 2.00
Range of exercise prices, upper limit \| $ / shares	$ 2.99
Number of warrants, outstanding	779,500
Warrants outstanding, Weighted-average remaining contractual life ( in years)	2 years 9 months 18 days
Number of warrants exercisable	779,500
Range 4 [Member] \| Warrant [Member]
Range of exercise prices, lower limit \| $ / shares	$ 1.00
Range of exercise prices, upper limit \| $ / shares	$ 1.99
Number of warrants, outstanding	503,000
Warrants outstanding, Weighted-average remaining contractual life ( in years)	4 years
Number of warrants exercisable	503,000

XML 66 R55.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due to related parties	$ 194,350	$ 194,350
Chanticleer Investors LLC [Member]
Related Party Transaction [Line Items]
Due to related parties	$ 194,350

XML 67 R56.htm IDEA: XBRL DOCUMENT

Segments of Business - Schedule of Revenues and Operating Income (loss) by Segment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue	$ 9,859,997	$ 10,111,776
Operating Income (Loss):	(989,388)	(906,083)
Depreciation and Amortization	593,380	570,440
Operating Segments [Member]
Revenue	9,859,997	10,111,776
Operating Income (Loss):	(989,388)	(906,083)
Depreciation and Amortization	593,380	570,440
Operating Segments [Member] \| Hooters Full Service [Member]
Revenue	3,135,463	3,173,912
Operating Income (Loss):	(42,846)	50,820
Depreciation and Amortization	136,180	129,276
Operating Segments [Member] \| Better Burgers Fast Casual [Member]
Revenue	5,316,287	5,551,651
Operating Income (Loss):	(169,110)	(68,397)
Depreciation and Amortization	376,631	365,131
Operating Segments [Member] \| Just Fresh Fast Casual [Member]
Revenue	1,383,257	1,361,213
Operating Income (Loss):	63,640	(73,208)
Depreciation and Amortization	79,726	75,123
Operating Segments [Member] \| Corporate and Other [Member]
Revenue	24,990	25,000
Operating Income (Loss):	(841,072)	(815,298)
Depreciation and Amortization	$ 843	$ 910

XML 68 R57.htm IDEA: XBRL DOCUMENT

Segments of Business - Summary of Revenues, Operating Loss, Long-Lived Assets By Geographic Area (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenue:	$ 9,859,997	$ 10,111,776
Operating Income (Loss):	(989,388)	(906,083)
Non-current Assets:	31,644,292		$ 31,692,443
United States [Member]
Segment Reporting Information [Line Items]
Revenue:	7,912,094	8,229,146
Operating Income (Loss):	(941,072)	(865,812)
Non-current Assets:	26,761,752		26,812,062
South Africa [Member]
Segment Reporting Information [Line Items]
Revenue:	1,384,394	1,214,056
Operating Income (Loss):	(57,061)	(60,057)
Non-current Assets:	2,517,644		2,519,135
Europe [Member]
Segment Reporting Information [Line Items]
Revenue:	563,509	668,574
Operating Income (Loss):	8,745	$ 19,786
Non-current Assets:	$ 2,364,896		$ 2,361,246

XML 69 R58.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Narrative)	3 Months Ended
Commitments and Contingencies (Details Narrative)	Mar. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Debt owned amount	$ 480,000

XML 70 R59.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($)	3 Months Ended
	Mar. 31, 2017	May 04, 2017
Securities Purchase Agreement [Member]
Convertible secured debentures in the principal amount		$ 6,000,000
Percentage sold convertible secured debentures		8.00%
Number of warrant to purchase shares of common stock		12,000,000
Debt maturity date	Dec. 31, 2018
Debt instruments interest rate		8.00%
Sale of stock purchase during period	$ 6,500,000
Exchange for payment description	Assumption Agreement dated June 30, 2014, as amended October 15, 2014 and October 22, 2016, and that certain Agreement dated May 23, 2016, as amended January 30, 2017, in exchange for payment of $5,000,000.
Proceeds from offering	$ 500,000
Transaction expenses	$ 206,746
Reverse stock split	reverse stock split at a ratio of 1-for-2 up to 1-for-10
Increasing share price of common stock price per share	$ 1.00
Florida Mezzanine Fund [Member]
Issuance of non convertible secured debenture	$ 600,000
Repayment of outstanding notes	$ 500,000

EXCEL 71 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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

XML 72 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 73 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 75 FilingSummary.xml IDEA: XBRL DOCUMENT 3.7.0.1 html 301 257 1 true 149 0 false 5 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://chanticleerholdings.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Consolidated Balance Sheets Sheet http://chanticleerholdings.com/role/BalanceSheets Condensed Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://chanticleerholdings.com/role/BalanceSheetsParenthetical Condensed Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://chanticleerholdings.com/role/StatementsOfOperations Condensed Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Condensed Consolidated Statements of Comprehensive Loss (Unaudited) Sheet http://chanticleerholdings.com/role/StatementsOfComprehensiveLoss Condensed Consolidated Statements of Comprehensive Loss (Unaudited) Statements 5 false false R6.htm 00000006 - Statement - Condensed Consolidated Statements of Cash Flows Sheet http://chanticleerholdings.com/role/StatementsOfCashFlows Condensed Consolidated Statements of Cash Flows Statements 6 false false R7.htm 00000007 - Disclosure - Nature of Business Sheet http://chanticleerholdings.com/role/NatureOfBusiness Nature of Business Notes 7 false false R8.htm 00000008 - Disclosure - Significant Accounting Policies Sheet http://chanticleerholdings.com/role/SignificantAccountingPolicies Significant Accounting Policies Notes 8 false false R9.htm 00000009 - Disclosure - Acquisitions Sheet http://chanticleerholdings.com/role/Acquisitions Acquisitions Notes 9 false false R10.htm 00000010 - Disclosure - Discontinued Operations Sheet http://chanticleerholdings.com/role/DiscontinuedOperations Discontinued Operations Notes 10 false false R11.htm 00000011 - Disclosure - Property and Equipment Sheet http://chanticleerholdings.com/role/PropertyAndEquipment Property and Equipment Notes 11 false false R12.htm 00000012 - Disclosure - Goodwill and Other Intangible Assets, Net Sheet http://chanticleerholdings.com/role/GoodwillAndOtherIntangibleAssetsNet Goodwill and Other Intangible Assets, Net Notes 12 false false R13.htm 00000013 - Disclosure - Long-Term Debt and Notes Payable Notes http://chanticleerholdings.com/role/Long-termDebtAndNotesPayable Long-Term Debt and Notes Payable Notes 13 false false R14.htm 00000014 - Disclosure - Convertible Notes Payable Notes http://chanticleerholdings.com/role/ConvertibleNotesPayable Convertible Notes Payable Notes 14 false false R15.htm 00000015 - Disclosure - Accounts Payable and Accrued Expenses Sheet http://chanticleerholdings.com/role/AccountsPayableAndAccruedExpenses Accounts Payable and Accrued Expenses Notes 15 false false R16.htm 00000016 - Disclosure - Stockholders' Equity Sheet http://chanticleerholdings.com/role/StockholdersEquity Stockholders' Equity Notes 16 false false R17.htm 00000017 - Disclosure - Related Party Transactions Sheet http://chanticleerholdings.com/role/RelatedPartyTransactions Related Party Transactions Notes 17 false false R18.htm 00000018 - Disclosure - Segment Information Sheet http://chanticleerholdings.com/role/SegmentInformation Segment Information Notes 18 false false R19.htm 00000019 - Disclosure - Commitments and Contingencies Sheet http://chanticleerholdings.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 19 false false R20.htm 00000020 - Disclosure - Subsequent Events Sheet http://chanticleerholdings.com/role/SubsequentEvents Subsequent Events Notes 20 false false R21.htm 00000021 - Disclosure - Significant Accounting Policies (Policies) Sheet http://chanticleerholdings.com/role/SignificantAccountingPoliciesPolicies Significant Accounting Policies (Policies) Policies http://chanticleerholdings.com/role/SignificantAccountingPolicies 21 false false R22.htm 00000022 - Disclosure - Nature of Business (Tables) Sheet http://chanticleerholdings.com/role/NatureOfBusinessTables Nature of Business (Tables) Tables http://chanticleerholdings.com/role/NatureOfBusiness 22 false false R23.htm 00000023 - Disclosure - Significant Accounting Policies (Tables) Sheet http://chanticleerholdings.com/role/SignificantAccountingPoliciesTables Significant Accounting Policies (Tables) Tables http://chanticleerholdings.com/role/SignificantAccountingPolicies 23 false false R24.htm 00000024 - Disclosure - Discontinued Operations (Tables) Sheet http://chanticleerholdings.com/role/DiscontinuedOperationsTables Discontinued Operations (Tables) Tables http://chanticleerholdings.com/role/DiscontinuedOperations 24 false false R25.htm 00000025 - Disclosure - Property and Equipment (Tables) Sheet http://chanticleerholdings.com/role/PropertyAndEquipmentTables Property and Equipment (Tables) Tables http://chanticleerholdings.com/role/PropertyAndEquipment 25 false false R26.htm 00000026 - Disclosure - Goodwill and Other Intangible Assets, Net (Tables) Sheet http://chanticleerholdings.com/role/GoodwillAndOtherIntangibleAssetsNetTables Goodwill and Other Intangible Assets, Net (Tables) Tables http://chanticleerholdings.com/role/GoodwillAndOtherIntangibleAssetsNet 26 false false R27.htm 00000027 - Disclosure - Long-Term Debt and Notes Payable (Tables) Notes http://chanticleerholdings.com/role/Long-termDebtAndNotesPayableTables Long-Term Debt and Notes Payable (Tables) Tables http://chanticleerholdings.com/role/Long-termDebtAndNotesPayable 27 false false R28.htm 00000028 - Disclosure - Convertible Notes Payable (Tables) Notes http://chanticleerholdings.com/role/ConvertibleNotesPayableTables Convertible Notes Payable (Tables) Tables http://chanticleerholdings.com/role/ConvertibleNotesPayable 28 false false R29.htm 00000029 - Disclosure - Accounts Payable and Accrued Expenses (Tables) Sheet http://chanticleerholdings.com/role/AccountsPayableAndAccruedExpensesTables Accounts Payable and Accrued Expenses (Tables) Tables http://chanticleerholdings.com/role/AccountsPayableAndAccruedExpenses 29 false false R30.htm 00000030 - Disclosure - Stockholders' Equity (Tables) Sheet http://chanticleerholdings.com/role/StockholdersEquityTables Stockholders' Equity (Tables) Tables http://chanticleerholdings.com/role/StockholdersEquity 30 false false R31.htm 00000031 - Disclosure - Segment Information (Tables) Sheet http://chanticleerholdings.com/role/SegmentInformationTables Segment Information (Tables) Tables http://chanticleerholdings.com/role/SegmentInformation 31 false false R32.htm 00000032 - Disclosure - Nature of Business (Details Narrative) Sheet http://chanticleerholdings.com/role/NatureOfBusinessDetailsNarrative Nature of Business (Details Narrative) Details http://chanticleerholdings.com/role/NatureOfBusinessTables 32 false false R33.htm 00000033 - Disclosure - Nature of Business - Schedule of Subsidiaries (Details) Sheet http://chanticleerholdings.com/role/NatureOfBusiness-ScheduleOfSubsidiariesDetails Nature of Business - Schedule of Subsidiaries (Details) Details 33 false false R34.htm 00000034 - Disclosure - Significant Accounting Policies (Details Narrative) Sheet http://chanticleerholdings.com/role/SignificantAccountingPoliciesDetailsNarrative Significant Accounting Policies (Details Narrative) Details http://chanticleerholdings.com/role/SignificantAccountingPoliciesTables 34 false false R35.htm 00000035 - Disclosure - Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) Sheet http://chanticleerholdings.com/role/SignificantAccountingPolicies-ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareDetails Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) Details 35 false false R36.htm 00000036 - Disclosure - Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) (Parenthetical) Sheet http://chanticleerholdings.com/role/SignificantAccountingPolicies-ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareDetailsParenthetical Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) (Parenthetical) Details 36 false false R37.htm 00000037 - Disclosure - Acquisitions (Details Narrative) Sheet http://chanticleerholdings.com/role/AcquisitionsDetailsNarrative Acquisitions (Details Narrative) Details http://chanticleerholdings.com/role/Acquisitions 37 false false R38.htm 00000038 - Disclosure - Discontinued Operations (Details Narrative) Sheet http://chanticleerholdings.com/role/DiscontinuedOperationsDetailsNarrative Discontinued Operations (Details Narrative) Details http://chanticleerholdings.com/role/DiscontinuedOperationsTables 38 false false R39.htm 00000039 - Disclosure - Discontinued Operations - Schedule of Operating Results From Discontinued Operations Pre-Tax Loss (Details) Sheet http://chanticleerholdings.com/role/DiscontinuedOperations-ScheduleOfOperatingResultsFromDiscontinuedOperationsPre-taxLossDetails Discontinued Operations - Schedule of Operating Results From Discontinued Operations Pre-Tax Loss (Details) Details 39 false false R40.htm 00000040 - Disclosure - Property and Equipment (Details Narrative) Sheet http://chanticleerholdings.com/role/PropertyAndEquipmentDetailsNarrative Property and Equipment (Details Narrative) Details http://chanticleerholdings.com/role/PropertyAndEquipmentTables 40 false false R41.htm 00000041 - Disclosure - Property and Equipment - Schedule of Property, Plant and Equipment (Details) Sheet http://chanticleerholdings.com/role/PropertyAndEquipment-ScheduleOfPropertyPlantAndEquipmentDetails Property and Equipment - Schedule of Property, Plant and Equipment (Details) Details 41 false false R42.htm 00000042 - Disclosure - Goodwill and Other Intangible Assets, Net - Schedule of Goodwill (Details) Sheet http://chanticleerholdings.com/role/GoodwillAndOtherIntangibleAssetsNet-ScheduleOfGoodwillDetails Goodwill and Other Intangible Assets, Net - Schedule of Goodwill (Details) Details 42 false false R43.htm 00000043 - Disclosure - Goodwill and Other Intangible Assets, Net - Summary of Changes in Carrying Amount of Goodwill (Details) Sheet http://chanticleerholdings.com/role/GoodwillAndOtherIntangibleAssetsNet-SummaryOfChangesInCarryingAmountOfGoodwillDetails Goodwill and Other Intangible Assets, Net - Summary of Changes in Carrying Amount of Goodwill (Details) Details 43 false false R44.htm 00000044 - Disclosure - Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets (Details) Sheet http://chanticleerholdings.com/role/GoodwillAndOtherIntangibleAssetsNet-ScheduleOfOtherIntangibleAssetsDetails Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets (Details) Details 44 false false R45.htm 00000045 - Disclosure - Long-Term Debt and Notes Payable (Details Narrative) Notes http://chanticleerholdings.com/role/Long-termDebtAndNotesPayableDetailsNarrative Long-Term Debt and Notes Payable (Details Narrative) Details http://chanticleerholdings.com/role/Long-termDebtAndNotesPayableTables 45 false false R46.htm 00000046 - Disclosure - Long-Term Debt and Notes Payable - Summary of Long-Term Debt and Notes Payable (Details) Notes http://chanticleerholdings.com/role/Long-termDebtAndNotesPayable-SummaryOfLong-termDebtAndNotesPayableDetails Long-Term Debt and Notes Payable - Summary of Long-Term Debt and Notes Payable (Details) Details 46 false false R47.htm 00000047 - Disclosure - Long-Term Debt and Notes Payable - Summary of Long-Term Debt and Notes Payable (Details) (Parenthetical) Notes http://chanticleerholdings.com/role/Long-termDebtAndNotesPayable-SummaryOfLong-termDebtAndNotesPayableDetailsParenthetical Long-Term Debt and Notes Payable - Summary of Long-Term Debt and Notes Payable (Details) (Parenthetical) Details 47 false false R48.htm 00000048 - Disclosure - Convertible Notes Payable (Details Narrative) Notes http://chanticleerholdings.com/role/ConvertibleNotesPayableDetailsNarrative Convertible Notes Payable (Details Narrative) Details http://chanticleerholdings.com/role/ConvertibleNotesPayableTables 48 false false R49.htm 00000049 - Disclosure - Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) Notes http://chanticleerholdings.com/role/ConvertibleNotesPayable-ScheduleOfConvertibleNotesPayableDetails Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) Details 49 false false R50.htm 00000050 - Disclosure - Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) (Parenthetical) Notes http://chanticleerholdings.com/role/ConvertibleNotesPayable-ScheduleOfConvertibleNotesPayableDetailsParenthetical Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) (Parenthetical) Details 50 false false R51.htm 00000051 - Disclosure - Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) Sheet http://chanticleerholdings.com/role/AccountsPayableAndAccruedExpenses-ScheduleOfAccountsPayableAndAccruedExpensesDetails Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) Details 51 false false R52.htm 00000052 - Disclosure - Stockholders' Equity (Details Narrative) Sheet http://chanticleerholdings.com/role/StockholdersEquityDetailsNarrative Stockholders' Equity (Details Narrative) Details http://chanticleerholdings.com/role/StockholdersEquityTables 52 false false R53.htm 00000053 - Disclosure - Stockholders' Equity - Schedule of Warrants Activity (Details) Sheet http://chanticleerholdings.com/role/StockholdersEquity-ScheduleOfWarrantsActivityDetails Stockholders' Equity - Schedule of Warrants Activity (Details) Details 53 false false R54.htm 00000054 - Disclosure - Stockholders' Equity - Schedule of Warrants Outstanding (Details) Sheet http://chanticleerholdings.com/role/StockholdersEquity-ScheduleOfWarrantsOutstandingDetails Stockholders' Equity - Schedule of Warrants Outstanding (Details) Details 54 false false R55.htm 00000055 - Disclosure - Related Party Transactions (Details Narrative) Sheet http://chanticleerholdings.com/role/RelatedPartyTransactionsDetailsNarrative Related Party Transactions (Details Narrative) Details http://chanticleerholdings.com/role/RelatedPartyTransactions 55 false false R56.htm 00000056 - Disclosure - Segments of Business - Schedule of Revenues and Operating Income (loss) by Segment (Details) Sheet http://chanticleerholdings.com/role/SegmentsOfBusiness-ScheduleOfRevenuesAndOperatingIncomeLossBySegmentDetails Segments of Business - Schedule of Revenues and Operating Income (loss) by Segment (Details) Details 56 false false R57.htm 00000057 - Disclosure - Segments of Business - Summary of Revenues, Operating Loss, Long-Lived Assets By Geographic Area (Details) Sheet http://chanticleerholdings.com/role/SegmentsOfBusiness-SummaryOfRevenuesOperatingLossLong-livedAssetsByGeographicAreaDetails Segments of Business - Summary of Revenues, Operating Loss, Long-Lived Assets By Geographic Area (Details) Details 57 false false R58.htm 00000058 - Disclosure - Commitments and Contingencies (Details Narrative) Sheet http://chanticleerholdings.com/role/CommitmentsAndContingenciesDetailsNarrative Commitments and Contingencies (Details Narrative) Details http://chanticleerholdings.com/role/CommitmentsAndContingencies 58 false false R59.htm 00000059 - Disclosure - Subsequent Events (Details Narrative) Sheet http://chanticleerholdings.com/role/SubsequentEventsDetailsNarrative Subsequent Events (Details Narrative) Details http://chanticleerholdings.com/role/SubsequentEvents 59 false false All Reports Book All Reports hotr-20170331.xml hotr-20170331.xsd hotr-20170331_cal.xml hotr-20170331_def.xml hotr-20170331_lab.xml hotr-20170331_pre.xml true true ZIP 77 0001493152-17-005386-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001493152-17-005386-xbrl.zip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
%52#T3P$#,K78T+J.*+EB_]2=]E,!)U&'1%2ID 8% M3R5#:@:E<"@2V/WEHA[__9RDO[#6[ QOHAS'YV01!=%P^<0$]#;6,A)M1DA* MU.02L%(;2J#"HJ $H[!$PV@R;HKU(TG%I$>J/1P\!'D]W:0DV#N[U$-,K@\C M+>FA=0'B44DF8#!$<9LF 2&AV.][E64%9EZ:+]CX^XDU9K1MB41FA36QVITSHGCRSQ@I7$+4GY*3R\ M' :T!IRW+LM$L^FQ5*#)M6%CIGC@I8*B38.%US#=D0W>BLTR\T5W\X!#S="; M3M4HV3*C:Y)T=I.+;@>RYN8HK8UY9TD3WC!!6F _K5[>[CRB?8/78G65_2$E MX07-HWRK*25GZRE>37?,DNK9=(LI&)6.XZNXHVR#Z1919G)(-68D^'R9/'T1 MDH@+\6O^#ZZ_KSOZ8W_Z5TF.S^^FFZ0\-26&G6=\!3[=\IP,\NULY4-O([/ M=>9H,KF^QO$^7Z^ >2KY+PBCZ13%S5-W^F),U6 MT48;T>U@[_\1CA'9DM_G<#">7)Z[,I9ZZA* N$4(0YAG,7, ^PS',0E/MQ_(7IK9KL1-*G,^ M9Q00/FM0ZAV&S@]WX8=IK?7 'WF=5\IHUWH/^@4P=>DHV?)PC0RL5>L]R^[: MLM9]N.2]OE5YX$+I/5YYH+3!U,,#9TAZWO)0M>[Z@#L (%2]\H3_<9Q2I_V* M*EV_. Y8X\J$?R_5K9<;8UW+VKI&>G4MZ-U)O(\05A\Y5@;;0B/BTDX M>R(I7I)>^*S<+F+$^]MVXT"[W7UC $\N15>&THBE,D&XM!D,76"TRFU8J5B7 MR$ZWG?]R&Y*X)C/-H&-<)M7#"K8)P"4:/M9\CB@*6"*PFA 6R8N=/415$58U&36/3:J9=1;7^DH MAC8FFLV01@6:7%0V9O)3%344)0*+^/5)GKQOWJ)K0D^F!,-V73T4IBJL&S%D M;4#;P2O.]KF?JFN?[7IU^SY*,[^WGM^IF]TD<[E].-/)'U,,G)]&*EKLB)K/LMQ(;83!)*H,F*H1(DS=TD!-1MB2,R_9Y0]J^87R@9KEE0QZ_AY>NZ M!ZL8U@\ K2>.!;-CM;&D_HIKD5O.AI6JLA+78>&>W>NM6N=DDY(@$O_FQ;'F M5X?])OYS_V(V)@ZT2CD4R([5R9#R*ZY*]ES)Q\);B[(N=6Q>7042#WB45^(= MH'?O)@:T@B@RO&M8UJ;T&H?>,OVAT@7B]2FZ#AC+O"E>YCQ4HE 5KB^ ?0<@ M;8JO4O':; R5SW_B(^^P^Q1GTCS%>:1%)O[5.?TYC7(2)L]TOBB7354K(EJH MM^4E"]EF;4F#FUP_#N34JJ#HF>/?< -Q!P?)$3[,JU=J6;1JU;\[*_:T/."7 M69ZGT6.1BZM D^8JW?+L_2T_8/.B*H>#?\*;#(]4.(U\#YP^#-D?)U/#ZO*0 M\%O^-N)%9!1/TJ*JLU9F7U,5K";^;MIR(]]>NF7&PY">&\FAE*H[NYF08(2C M!ZM FJ#F@.G[#%(/7BS=>/5@B4]>$8Z5(UV\LD.;>\R1S,@9*L,$C=_MQBX3 M3PYD1\TGU3.S,)J]]KB&_CUYIX,X-O-I#N"X94I]\,9L"Z;)&4E8<16A,#I! MPDS(M3&$=:A&F[]KR]$:%T//UV,Z9F1P.:;%"HPFG:F.5.,UM%/F'UB[OL1+ MUN-CFLWI'<'Q1<:OP#LG69!&Y89G1J*MG+.72"?371/S*=W],MR5\VXI@9'X M7O3ES1%L6%V:GR!NQ!IS:76$!1I!. M-/7M[:9I;TEM>(*6W!2&\&9!4*R+F)\1ZH;7[-\Q4<3FVM+0E-[ADO=ZJ\>! M"Z5WL<>!TO930;XM*P@E2T[8-* [<+ZD6S[:Y%$(?U]!.WK@NUB?HSAV&^X- MT-.,[I24U8.Y'A1,FVWF9[H3H<;#&J'5K&P#,@7.IX*T-+O:D4!@5*-C)NT. M;#3B.&[R4.2FDO8\^<>:]2@)[W.&@SR@Y&_B_*6=5OK;[&=0F].V5$)SV@(KN=P82MIL$7 DN!EDI)H2<^*-"4TV#ZD MF&9QN:D>1]2P67!, E.(T3UC*D7:K<')TIGR4)N5(0HJ2Y2WIO6SX$N6!.3@ MYZL)@I\+:APJ2]R&Y<[LP<4][9CJ,J)13L2CUUH)]#:1^C5T4,-H0W9M(VLW4Y^R'9.9KF!=[,!( M=019J>^R"--Q[ Y"G:9%(+L9$%5J%X)L-J]!C:;%H')W;]1*D-]6 %YSG0EW MA[.BNR0$1)>6C#HJ59,*M%6:G7-@6H^!M_RBS^;'C"R*^#I:Z,)4-U,8VI4S MXZ;6UNX5M*T266FTE.716@BQ$%#$L40+>R;S'RNC/#*0.]_19&B\DU.(JFU F# MW?_>SFI?)JE#_&C >Y67C79/63HP'%%9&+KH"I*>AAL!-ZETG=%GG1I/C/L2G:%3DNE+I_@Y&( I2Z@DW#FRU,=$2 M99=MN?YJ+>D*!N_(IHGDT 75[T@,V30)"0G&,^"K+"KZ^ M.E_8*H+="IZW1G!6G%X0IN7+B=QOR,EO'B^YXA),*"N&C(^7TF@941SSOYJO M_G>P\WI5E6LV^L>\+49@FFI7INKV.R7K*(=U+S]C?D6S/"WXD*K<61@%U7,[ MAC(PV/A6FY7^4&E: U JL[&4;Q)@T>*F@J)-B84ALK+"Y'SNQQ T2BB?0M)0 M[$IG $C%C4O*7II4>6+PN+0T2/3"/MGQA]^I4&T86W4HWV'UC']$.,LFR]^ MQBF__WN>WO&7:F^*]2-)V:"\>0GY#,[R"I+UFD7!&7_ !D8STV\UKR@+\$B6W^&"4[YJYUE2BAEJ4 4[0>< M\YJ[/6?\G,JF;S"=*%7$]2+LHH&*3D%1:BF3G/! BT_RHG6%1^$AI*5>J:\" MP,LDO7AAS3%5OS^H0GE;;]=3;);49;_>RV;/8U M>>M#?/;**G)=371_G[SR&4@I^]H* D,&_7#ACH1D7=[D9-"%Q6:Z\$U#7Q_! M#0S 2,F%I7*PT!JAU@K6"KXN;]>6Q7P'.PC*D[+AHKYK<*O]KDPM*CSIR?!Z M\ELY^IOY.%EQ97%!\UN^JE&L55ZS&L$+2]PI:W::E?.J>7GO,M!UGLYD\ /[ M2K9*XLZ)4E0;$.L''(D[%4P*G4VZ7J%Z,' 547QUJIE4JVIU>XV- B*JYQ $I M5_Z=LMZ%3Z<@F;1>1RT6J)HD@B9-B9ZY7>N$M!.C0]-AAD&+GFC1W#;OH(&" MT929GZV9RNIV"H:4Z@6S*A/5QL49#6^83_L[-@?%X&3I]U$9YZSTGXNQFH&1 MGCO7H0P_T@V.0H2#(.6/N]2KFS!$J(TIV^US(H8T[6MTM J*DNBL,1S?@]=R2;TXL7?C%C$64KGK%R MVDKE2JN1K_DX]]L]W"E+2T8DKQZ>Y <_NX93[6T?13N-!OX&C:P@:ND#ER5'9V//6SM$6O- MD%NU?C[*TEM='I>5IF*[F<&HY:.XFH[&=ZN_L*\W/ M%-<+]_5*OU.WJK2;;B;*D U]&*,PFKR!&,O4/C&IDZ=&>?E;48 5GT, M5T&8+< HSHFFPZT0P2ZK0WX<5F^Z'M%#J4Q ]U1&PLXK>2P>M[*+1K3@3V_YVL@/'B=5X&$ MUH$;62IN:A?@9GN@>#&WV@8!ZY+/&6>%^7M5#_B%9/-\1=*'%:97-$C61/S- M*C;G!#P+<&3&!J)TM ;3(HZFK%"M$&C.H>C3GV8/)^@>Q^4L"?M\_!D@R?*5 M\C$*5>.]"])$6]*?"@Q+;@:&.G5%PJ 4&0P]J3>X:;*M T^_Z5 E(S42C(:, M]/0".M V0LT"(#\]PH^4D#2[^+5@0R#]BI\.ZF^)STRV7=-3XR87@@,Y:=6N M1?\I0R7^R(MT,L%KT_J<$3ZA-"32!GEMP@<%J29?77$!JZ].?Z MKE PYW2[V_O%$1763(F_:>1NP/M]]<1"N__PB08\N6Q<&4J/SKVPSB1B38,X M+01$2;QM*K-PSAH]NBPOY"ZS=D.>Q4_:EW0H)SLH2COC%T]1 1R(A&)KL+\^-7?8'LM0_:GD?_I*^?1F?+_8?] 5-=<#3!&E"M[,G',5\ M^N8R22\+?MU[_7:*JJMWM_46*HW-3A-'N1I.KJ==V%J;*URG("ZJ78@T1!MF MN]X?2,]Z1UC%BH*\&G'.GG$:BC?I=VGL#8F!Z7FM&7;NB;4I3:[T@]#72S]M M+"%VVB)WIVS@&YXE:[Y)0=PR-^,CIZ6X5/ATVT*J6Z9%YN>BM\C>\R%6=D7+ MLC+6A6-\R?LPZ#A%)0V@#OL9.%7L:'E3K@6@I#1#2V[WZJO<34++99C&K)&JVQX#EW^HS[]*BKE#H5YD%HZXKM>JVWY3-=]CM/<- /K,=_Z M+K6:V. MMBZH\9XYK_D>.=HBU:#KP$,MS6;<70NBIE[U<]I-W0=-W]]VWR,42[L_^(") M3]Y\'RM'FGBJ/$\*NTIT*O//A&^-(^'LB:1X2>J@4.R-.4I!.G_[]52ED<5Y MN&KF^&%(Z:KV:!*OJ'+O6, 'K-XC&?Q>*OANV1Y=Q9O)4,^3 MH/]-AHF ID&GR?A> \7^K"C83J@S335Y?.E.XA5U0CL6\.%C3%<&OY=.:+=L M&Z=Q+0W *U\QEU>(ZCO$JBVW^O;SCJQQQ&?%SA*:ISC("QSSX[@'7V _#L=7 ML1Y_3/<<9(GU& 0G;XP@EXHN/D&5/6H20-?1@J KBOY!<)H!G='V68+J_;* M><*)>"9TT_YCH".2G+RI@EXRNS=7$T_1^RPRW<9AT$S_>S9.RFW*@&G^WP;* M6C:[-U&3+S=X+3:!AN_=BN9_T^:IYR2@;9- _]^&R5PPAQGGP9B0=B[$SL3; MCI--$ B]PJ9GCX(_0B.S YO?6W.R>Q'L'<[8GH6;>E9;_#6;%?DJ2?GCBQ]I M2%)QWT/9]-ZR[&>]:?X[7OS7R3-)RW]%ZTAWU_]Q/SG]G/-A"\\^A7R8[TU> MNSUF[_/ M^JK.I'M]+;C][[:^UG<%=H8?U5#(AV],7W^UM=A>I$>KT/I/_S[KMC6_^O.Q MS]7>DQ.4M,:O[8CV?\^-!N >58%9/)J;];.NX!4;I=)FH!FT*;/^CPTZ/T41 M15L^[ 3RP.!1&I/.@'J"KE#U]5??%>J+].A=H?SIWW=7J,VOO2NL8U] 4TG! MBH0%R\GBCL0XYXUGFF\?&-N,M4L\Z73/1%;+- M!HQF'8E*TPXZ24)X ;&MAV6<^H&P/BF\HD\DRWFT*O^5D!N\)K.72-V_[Y$> MP*#_$+D9ZJ$U/T$@V!!B1TC0#@-%957>TSLF :5EVYVX*_2LX:A)#G=1$]%\C0,7]AB*P MQ?YNIE[%/2(S/34[V,&1KSM92:\FC4(8#SB%@\#Z1(F7)A@T1B/^*OP-\T*1 MIGQ](,M(KJO<,LQG1=:1[.IAB %3037$I-G1A+ZI<*@$[J\0]3Y<_O3C_)D2 M'J\5=+AC1@WQME=50Z[9/3KX?7(O&TC)D>]CCA(.0UC@8+0 MVD2$!)FE\P) M9PEEX]T\8@$)9ZM1M-'"9[O@0+W;1!C@D^O(G:,T@U.]B\FC3LKZ[:"U0AE_ MZY[I+22/K%UA_X0A.19PE&O2V7QQD^0DN\5;PRA*#_<[FVPFW0].U%@P,K,0 ME&.6"LY%UEG-9X++)WMGP*'&#VL0L%A11V]8_&>F*IWQ/1+Y2NP?I$&TP?&A MNA=U^'!+6#'0'"_)?1*''6KW);/SAIBJJQQC[2WH&)^E)AYQ-YV\[N_&=ZC% M-@&4L13,WYV/LI#NS4%IL).W(HX$ MU0_M]O>Z([[//>-&0$2E?MG[)QP7Y(8\BU]&/N$^M 7P8KLZ.PX/M/<-X0AQ M!%M)E;B,U@HS=88B'51>.WJD,.KBA7V++LEEDE8;=,])%J31IKLN MV.VY+0;>@B4GXDU\9$1/KB%GBO+5CZ4-6B0IJL=&86L&HT'K3B;4TP17-,HC M'-\6CW$4S!<+DLK7=>Q@/]6TCU.V=)- 1N/)Q;DK8REBK^P1+T76VI5@& K5 M[&*[>.&[DXG(L2*&GV0R,.MVY MJI: &:X*.S../%*4>46#E.",M?=B<"9&:O/%6;)>)]0Z>MXI!6]QZ&Y9:P+3 M<>:3BVYWSO*.WSJ1A*;/#^0[G._W<)P-O6FR)&9::3H:/>O, F\:9!]2\S^8=UP=!SIH0@[ MUDB8HYX]X@F@?Y9)^-Y]5&9OS:+D -/3(EV2=!;'V^OK,YW_]%A@/K,2E?Q4 M6:#2!'&;$\2LG)RS3\/0H\K%@>G6T!B8X/X: #MIC6AZ6,BB41&UB::R 52? M/R2\J<&A:YV6\)!=I"-K![48M7[O_ MA"GBMG#"DIKO]>&P/:;D:O>6,/,Z/FP()VD:90F5W&',I6SD?:QH MS8!>3T,+X)+2T'50564)KP6X3XI\M<'I+^Y>DTU@NTW+U^ZWQM1+@[#9X!@' MJPC3#WSW,X[H:4J>26J:-;+:^&L.'.FWNK(8 %.5&UM)4ZT9JNU097AT0159 MGN(XP@;]#"'^Y*(FUZJC_SLP,2C)2;ZO4;[\3"]H'N41,:TY:;'^/:^A*TM@ M 2J!35+K2@HJO'>V@'Z?9+P(SUC9*(QF4 M1O(*T2CQ4+5C(FN04&4VG91& M2&AZZ;A*YE5(9:Q$?"G#11(3:L$J MC>=W3[Q+.^3X22^#*BF 81CN])^L0? MAC ,,2T&P)SAQE9RCC!#C1VJ#0',"@AJ/U5''FU^DG 0W:,CJ?%*#9_>%Z?O M[V;!KT641>(&)*TO-#A8OC"3'/J"H5$'#LT7,W04E7ZHP2!\<(:S (>F_D(% N<%YN$YD8G#"#@'*#FIRK\$@FBW"]3%DFO(GX2 MP%CX*APX#QA(JMS0@8/PQ8>(L5EBRN)IHR]4.'"^,)!4^:*&\Y>'83@CR7 4 MF/W0A\!S@9*?LO0%$D2YS^/P1\+&DQ^,FZ%T0' ^,+%4>8+AD3! 'T!L=RJS M\) \FT<)0PQ$/Z@(ZES L3 *OWS&(*'F(8("!L\%6HY*+S1H$'ZX3?)DC7VJX7$0D#C]@2Z^@PX+SA86HRB<=$\1M0#CG89O9 M&J,-%7.Z!D \,E#=:+6:>7! M ;F&3M3R3D/S4EA4"L1#UE)Z]])1//3*,[726H::9OQT-SD0E;VU)\RU+%# MM2$T;]VR'PC%H;.[9 /(_M*RM3JLL83FL;OHB:1+G#M[3#: [#$M6ZO'&DM@ M#KLOZ$\LJ"2&.RYL!I =IF5K=1BS1*6IET--IP0'*Y)^P.$J*3*BWPJF 7K; M#V8DVFI&A0(F% -%21TE%M5@3VK(G.4@(7WK04-U*(CL%2A"S5$CB6R<)H[G MA3PG:77B^1)G^1G."AQKG6% 0_.)G:KL&F[3G/_F5J@TF]9'R_1A59UK_X'W M,3KOJ'' _&(DJ9Q%6=5'\I$P.'H;FK(1:+:Z30H:&MI/!\]1K1ORO!%>]YO1SO6P0M;K%4:@H^?(':&7=8R67+@M'-^QW8_MW[+*\ M3-*KZI&U&0VO:)"LR0-^F3WR XF!_ JRHQU,3[B15CJ*FR-FC^H$$$L!E4D@ ME@;Z9YW*-%5CA6D>!3$AZ2Q\BK(D->R.,(&!.<[.5/)6:X)J&R]3Z)T/ET=% MR</:J_'=8$!N\YVQVP2F]-?>FK(A_7T3K*R8B*UC, [R856R=75890 MW'5%GUBYX[&K2S EHX&[34'5 M[BUFA*XB=-T)H*89![?,Q*6ALP6_2M0U$M&8@'68F:_):$2E:;H4V;\F7/@ ML4_PFZQ9DRS>@F?#[;.$T:%+0H.(9.=1%L1)5J3D.J+D*B?KX0/9.Z7@+Q#> M*6NM"$>9 Q/D+MPE<;:)B*F87C*H30?QA)!(Z5@+#4[Y><"/L?*9PS'6L-39 MR](X90K35ZC*+N^=%2D2F::W:Q]LO"/UH_/SQSA:BF(1CS=FY8OV2K\ZVL)S M[#CB*L\VSU.F31HH:1(Y*=^JS% DTH'KW'F19SFFX>"-\IT2>(5NEMGOX>ND M36PBA],\C1X+<2'8XB:AX@])S'#+*_8O%F8K?&RU@>965\*R)UM+_L@L3>B; MH#5&4;62<[RP@/+'EMG7+PGFEQ0:)FIU4(\=OI%L5S\J'#C-&$@J=%*A404_ M_K"&?S&/6!AP3A[SR^C)J@TEV+,Z#(0'^E @(2I$3U.M$8%'W !Q"]\R8<7@ M+I,.>#*92(2U,FF0L&4RI&F7";/P+),Y=6],.MBI1"+1U6FD 8*6R)"E52', M8-IYZC[_>Y+G,0D?5FE2+%=\5,37O.>+3G1M.&H&W.HA?GIJ&#G:IID.AJ%5<#8>MJP-+:-# #SWT' MTSQQ[SUZZ*E$HJ"LDTD'"EHH,D^K5(2);[$$^Y2:;&3"65(5RN3&@A;) .6 M=HD\)U "C7H/K=T??218ARAIFCS2["(&XI&;)"?9+=[RE8G.:@=YR4]C2\AG M,07K,S?>0R?R8\1ANY23D@WC*99\FC3?D!#P%>-S_.,THZHRD: M:7,&;-)[!3--1KI#H;W[\Q]1M\40QJBR1N5R%8HH^L RMT),&5]#;$O$K_E5MI!"A=/ 1&,S MQ;C$2%^E**4!6$69V)H4U=I5XII,4*XKGGHS +)RB@ET-J]%7&,B TE?KL'! M433FOC)B,@2@,\=81F_U6K0V+J*1U.9[167(WG%Q16\&06LN\9?.YM7H;$04 M)JO,0R"6DC#*9TLF9YY#@ZK40'\Z,A%ME:-" =.*@:*D#H%%#=B/&A8XB.(H MWYX7Y =,"YQNF1 ?^#W"F(;WY(D1(83:I#(N%<\ZVB6+ Y&-20*B G?@/Y0G M$] WJ-+H997<"6()HBI%OO+PE^.+-GFF=R3+<9%BFF<_+HS-F!;L48(6PAVE M:9#0!&6F*3=K#(\Z!HA93#M%Q-2:)X8;%/J_ RM^)3FIT 5J\IL/SG$KE0XORIP4"S%8,"!$P+>H:2%%IH3PA3-.L7ZTV<; DY37!:10W\3AM^^444 MDC/6\11QSD?E.L>,LP?FLYW(2^ZL4LE.D$@(52DAS/J!*BW420R$ORWNA.PM M-V<<>Z+QXMC2$L" MJZU18XZZ]C[V'IAS8-E_,,(8B/Y,^Q"<+5^3!NW[$:PJ]+(GP9(+T[X$9U,H M&M3N3W"T>U7ZL^Q3L*MOX@.D%T6:; BF8A0>:3=BJF' /&7B*#FF J,:??06 MH/K@]TF2\_>(]?5=#?17NTU$)4'T4##UH**HE4,%/K8:VL:DWJ-B4(0![$T5 M5L*-,K1(6.JPT1PJI--^-P:3MMR,4)23Z^B)A%:O4Q3""G$S%+9VDZP?7,9)&H7X M _GM-TPC2B[U+TGKH<#<9>,IU;;2 #46Z-+UB>ECN>4]7HO;4?G:T@V15W & MO\-R@)K-V2-$KD*[2-:&!> M<* J^:2R0?6ER2$*A17:"+-CK8GP_YE]O&?_7EQ?/\Q_OG&1BA[O52TV MVCW!Z,#P-&-AJI1-U\:G-6,DW!.,$@E/+2::2JEP M R0L? KE=G9W-_LP>WAPZHMT:*]2,5/N:44-A2<6(T^E6EH+KVJYN+F[>OC> M22HJJ%^=Z,GV12+C "I$2U(MCQ+N4QN\B[O_Z>KZ^L)%'CJT5X68*?=$HH;" MTXF1IU(JK84WM218/&.Z-&X*4Z'\J4-+L56%! &F!AT_204)+I^573KO!=O+ M^4GN_":X >Q1"A;"'45HD-"$8:8IZR/)^^]X^WA-DW_U#*\W+-4X3YZIBU3T M>*]JL='N"48'AJ<9"U.E;+HV/I7SGK5G9PG.-6,DW!.,$@E/+2:: M2JEP R0L? KE%J)=RG-N[QE64\,\1X58.*7D\&70 \_RO8*1U_ MC]&5E[--%:EH1L.K)Q?'2TC?[M=0'8I@ ,I!35'K2 B<1#FZLE=&$=U19$N M2)JQ'@R'44:L[;,!#] Y5K)J+Y5FJ+;C#??GOEKN!S8XR9ZB.%;Z8IA#'=IK M=393[LE'#86G'"-/I6A:"Z]RX4?TZMF0V2:-XG?\00NS:,PV7J7C0K\G(),! M/!DYL%6)B3<^[1R7,$3OW%\J.:"DSLHG %A+F%-B>$/7S6XR:9FRH967R@BV MQ R,K3)[4QFCRMJWTBZ3=$W2T4)3FDVF,T,FM#)3V,!6F9ZP762E[50:^Z&( MMR/[1\ED,FUIR&MU-<##UI2:K+UOY'83=8WN&II<.HZ*>0U"&:D/SYJ@'S#% MY:G/LV2]P73KKA*][62ZL65'JR2=(6QM65A;U<:?%*P3F/042\7L-,6_1;'9 M95T,2.\H".H<44(AE/S%>D/2A,\\Q3BPSXH8+4!ZQ4I7YZ/:$)66Z%-F^QF? M+/D<@M\NBSB^)^E3%.@NV- !07I)QU+G'(Y'E8&GKK-#\9XLS<\L6$U\=Y0V M\@;5]/#0Q:,BZZ2ARM"3EJS*F4HG9E4 UH"3QP&TVW/ZL"*GQ6^_N72U2C#( MXCF'_9O 6!]$B"FZ> M9S04][9;VT6MA>^&TD)=$HL:#E,U1JY:^916Z.997*->IE 01W?/S1[(7Z=Y"%/R"G+G/T\4<0!;U> M<7+V/?D:+$P'Z(GJ*D!M(EJES\$T2S]'<9P\9V=IDF7\:B '+QE,0#K+SE?G ML\H2U:8>QT\%DTIJ6K+K _R-CE3$6H5T?P4F!@4UR>\E9MJMT%<4!WGT1"PW MY*IAL,K4<%@^86 T>%/SIH 'Y@-'XC])3@8/4S4XC) M%UHH,'_8>$H^*0V0L$#"!(!CBBR_9.6S.BU8S269KF?1X("YQ$A2\@=#(P%' M-1Z&*RYQEI_AK,"Z_7I:)%!W:&@:',(M4&D"PR8F\[Y48*>B@L55AY#@7RX_W5_T;" M4F)X@935HQ MKT]/9\&O!0LWQ0NSVFA"@X/E$C/)H3\8&G7@T\<0??IS2ES=T85"]HB"I\4I MZ!T$K[Q/":'7^!>S0V04.%]H*:K<(,"(HR'XX'N<93A.C!X88L"5OX:@JO0K M*(2BOXUQSM^8-Y:]! )7^#J&JM*OL2"*/TV6K$RRNRA(TPTE=ZH M#)"PF-XGF(8S&IX641G%Z1RBA 'SAHFCY I^R1*?.&[@T[J!T%![(T#W1V!% M+C.3"EI CCV,O"9Y3M)DP=<$3$>$U#AO0T<3S8Z[91 TMVL9RN[G4)0L4 F> MMI9%>1Z3TVAY6J1+?753H8 YP$!1\H# (@9&)?KH=;%/[I[9F=93C7!_-=-. M6B>0+A:T3!1$[6(IC8ZNF033YDE5@U94,'\:T9-LM2%C@&E"2U#2 D.V[]P> M7P%T^4#2]3EYY%L ;I*;3D1!+3AJ'Z M_%U&3R,:#-GJU3A2HCS:CSP%L&YD9;F#&QNKU^/&(>7Q;F0I0'7C>!>^,O<= MO_.>P&MSNH/C&J-7X[LA8ZW[--YC]A.&7_?DB1@N'G"UA!!^*;+BHKB.V:O1 MG,QY=*,ADH#:=-SS;3"C'5D;O1XW#AB/=V+T M6%#ZQ%VJ'][YB]&C?*G$<[ M4B0!UI7/R0Z.K(U>CQL'C,<[\3GQV9/+8U1=1KO(27IJQ^'T:Q@_6P?,9W@3 MY3A&UP3S)VE*;9R@4X)3?ORF.2V%<_3N[1]/>-5/BN4*?6 Y7/$;LO_L5432 M"%F;\0YR&A&Y#>9?P^A]['#=>7!^(%5(0S==1CK 233A-L9\!8-*YU%D*0C/ M@T9%,*?+2 \ZB29<(\]7$6J.CBW=(\E#:6,8'6JST@*GT853&/L*XM:1@:IK M6'H\'V39G/Z<1CD)DV.P6GG_[_>P#^[*+?%1(K[+14^W)18;!DXF6HU(>)=J; M*@@;HV*:SX(@*6ANV$VH0_I3A9%JJPHE#)@J3!PE551@5*,G[?MO2,[[P/(V MHOYM1C?,-*$Y2X89+>MID?GBK+REB/VMO:5(()O1-YRLHJJ>J6- 2-!]"2?.E8\4P++>=&U+TC8P:YZV) M,=%LE:H 9.=GJ&D(::0#G;:IH7]CK/57+QP6?U'YY1O]4QJ&9Y?O 1QP4\7 MG3&0RD6[I03.CWME0^%LG@2:E^^ HOJ_NT>IZ\=HRU11DRR_'V1UO.8AS5>S M->'7)=,+2M+EUCAA:<9[;"[LM#N:U(.AR<[*5%96RN^[KFQ0:=2;T_0HG;NJ M4(S]C-UJ2AEILF 2T\ $O*34?-V$U=@>>WBDX&V<'37CIU24?J[4! :O(MO, MJ5H_W0G4HS9,9YCE+*+X!N8%<;L"4=QN6,_ MO2R8'LA5EA68MB74NL#1$)AOQK&6G";,^8W490*H20&Q)%"9!JH3F:3JS(,< M/QFJSN!W6.Y1DQMZH41-7G7FBT44D!D-^3/?14[2"S;RW!A._=H,@/G"C:WD M'&$F]A_6AJBQ!."ORR*E$:^FC.%E],+_I1N8V P@^LO*5N.OQ@[Q*V]JRVG] ME9)E0N?/<79#LMS0HJEQP+QC)"DY1: 1@_^)OX&0Y>Y7->X1Y<_S%4EYI4W) MBM L>A+O0.@C?#/>6W3O0KL5BP$,3#%VII)LN GJV91O;!Q;.$^$C1SB).<9 MNN,GIUDT=$6?F' 3P_Y=)S-_,G+/1*LFNPTP43D3EK35M43"5,2\M?&Q-58_ ML,H'K<_LB];7VBT&WG3E1+Q1E!$-2TLN5(HKI M+R;)2""/,M$0[$AC@( F!S4]60("ASC0D]=9C[@F:1#AV,G_:KAO)9A(#S6A MPH)4AX&H3B>MB1_)!%G9I?'LF+H7)U>V'+=N1'\%+ZG8 M5>,DOKGY "V6HUB6%"UQ4O?!10TA#>N.R E!RI*_/F@ )#'$0G 6HJ7*BZT: M=C@U?<4Q^=(2]9[CJFD[N'Y-"ZGX^80$#'> S?IC MA/4\%$0CJSGT(.!>:]EWXJXO@+"FA\_8R;J.GZ1!PG7&9JP_QEC3 _$7JIXC M'UB[HBFECS+/3IE1QMO8)1_0TK*DZ755S%U3A4 ]9'X9!=IP6*M-I#KY2%IU M(O0CNW)5PWD(1B]64 .7?)X#M?%@;K>[1;$Y; "GZ:-&@11"@ZQ:E2@;Z/T2 MP%'507> $&Y': B'75!QX4B5WX3O'Q6LLE2[_AA;A5NPF57=")%Y(<^NL&1) M_6=5]E_98O>7+>""DX,\'8IC"-3#ZIX0T!Z_:>HBRF%<<,,6*U-!AXYBGC@: M/FZ$_*Q1Z$&CL8>,MG#Z]7Q!TWI)+^Z;$Y,J9Q.G'O^EK&EZEB5WV3*#:^W/ MLIR>POWIMM)M;&HR FU9V)9F&]K!1<;M"M&G;&,-8A?;L[=-:CCHQI1)HMDD M8)0(J_L*+!]7R!MXLGU=*3-(:;U6R TI+6R\9CKK!=@)E87!**.LKN!'"UA M8*?Y45*6+WP MQ[^;F,/J]RW*XFOPK5FB[!(P3'3+I#,-JW\?;I)G$149F2OB!,EAPJ@(L*H9X"$8ORVQ.Y/U[,'W!9 1PX[.\*04B[X-?\T?9H_>VEX7P%;;5G1F;0LQ!+4] M9AOM%6V>;;)EAG*?K"V(ZJ:'7+,FAM0G-HQ.9RCAO2\V4A'DWX3T7]&E'#:Y MEYN'-*9;8PF"KE'%)XZ-,@%83>H(I>YX1JL6N24_^R+YUA]C\R6^6Q,-,@XA* J#,J**8MX(]%1$0T6.7PA MNIR"1@0V(L$1#1W1X)$&'U$ 28N0:!!%2O!(<_*=>44<^B2D]]B(=H;QK3:M75=0O\%YVL-9=D]Y.R+_H4G)9D1[,Z'RO[MD M&2VU"*HJ_@P#8IKB;B@*Y/];2F -;=Y4E)W7U2Z:54?M:[D[/EN,OQ$>NDNV M^[%-\RY]1/,J.>9NFVLKWKOG7^"+WQ@WQY5ZC[S5QQ!&=]I@(0(,2EZS$;W M*82;9T6Z6X+O&L$K8_J>BK\)Y=GXOAJ&"!+3FV8_!-'$Y'[8^]\H\T<5?@+> M4_;667]2E/=4I*N+Q?N1"-X:\SY&0WI];R24YW0ZQ%VK70JQBR+CLPVBP#H2)D@Y/H32% M&S[EE8C.#W#%NBA>=UAQ^EW2J*!QBS]#H5,2KU-",A.N^V2BK(0ZR+"N,VJW M&< ([%3P ,0G)47(*>\! MA3@4&3S][95&3)C 4^$]WEC.B._M%.VJ*'S?#_WQ=-PP075,Z)XA\[L!S/ R M2,0=JD$\]J)8IGR (K?DS]PGX=VRR"I^$*CA"!&6KE2:&+2SL!/KT[G&<833 M+H?=)=Y#FIITXXWA(YE;='HW7T___37)$[EN/";?(!.0.Z3=)H3, M/6Z$AC^$*!&RDUQ)<[.@AW7Y0,M_%%G_W,]:&:QRTS5C#\R."18A9$QP(S28 ML*!$RA(AO':Y;=PA.R0PW4)T6IA0Z3C@A6@C1R!(0GI(-1C9S5R$T MP2AL<*==MTKA9<-0"O8U-H0F8M\-&XR,ZXXR:'(QN.!.#&\30LN$H23Q.A%" M4\7OA@?7V7,0#S2Y&#PP8-IXT JAY4$?H8\'7'9"'ECN!G"484TR!A=\UQC8 MQ=#R8?A* YT1X1<;[(@3_1L,7*7HY*+PP7G1@DT(+Q<&+EU88T+@U0O;\.!' M<;,H:I; ]!"@AXU$XXCZON.O_1G3I MZ9FE49OY!Z:AJA'YY2V,AV)6/>PL\X&V$DU7F&2HZX7L_\*%JB(AF^<[&*;W MFL@V]+4TR3;Q-Y-7R&8?38]B%*(-%L1*,Z<67I(-0;90[-?Q'\X)729VHD]S MN$,H>Z*72V??CDLV0]5XX)-#!L=/!@M MC.BD)[G_^O8ZF!0.R>E(X87:D<(JAHP4/HP&*:XG)T5>TGGQD$/BZIOD^9#F M]#[SA&/XY:861D&49J4$93(9 7RE%_;JKPXS6"Q:U9[@JWP1F M)*U2R7H'+U'GF15IWF7=_W&(C2Y MU]UK,H8$3J\/K;.T7H]]&_2HT_^OY[3^!J?KVP/PB3H OWZ11I3S -_X(.VH M2%CE/U)K%\/F$0]&TQ>L(D)ZU$G:?;KA4Y[*$.>;8X\7#"E\3G!!M/J "\MH M;<+%]_YYTM#=>B:.=KGI/E(>F%8RW**<,GH0#E#A]DO[]3BE]A+-9ZQ?#G-/JXE[.@=QW8J-+2JE,JH*P1%[5UO-J%">JFVI/E^[,_.8WIE-R13!L6=L=J5HBFW&84)7Y,7;55)ED-# MO?UR7L!-=LNYHTD,J^#R2S#>OI=%DHT<:1=)J(ADW M.SS4%\#E$ >1/, M+1-$4P17S3OQ]>N]R4-^7Y2$*M$X:V9-+W=,V;S,5GK)NA4QBQ"NBO<@-%:S MVGX][62CU/W)LBBS-/E*?_Y,\LP9VF,7PU7_7HQ]#RAATDK''J9V:SGG1>7L M^%V"N#PQ@-(8E_Z!Y" 4U07:,K3/ 78Q7-7OQ6@L/FEKY>>8O "; 9YU6JX);2U':1]>@KXMEJK5> M,9VG:3>K-"<2P:JX>#0:MS'Q: T0QBVL;=^)RFL]+FC#>(8A.2\010S#!XV,AC\Z*7SC5 MQ&/#9>/4/>>)83%Z*X M?.FSAE6^__7[\FXYF5/7RN8;K'N0&F-%<"!<-L=8,<\2KCPCEZ$IG"=VEB<7 MYJ & M)_6R(F?PPJE;6%,\WN)IQ8[JLJ3K<;U6 41^L>,RED>%U(PHN:B5[*Y==-4Z M4)^1JO$L2^ZRI=C8]!#6E$)4O1YP_:K61&/S]UA%0U]Q"'RHD&;5.5=RN\ G MC\@903#-S5T5&0Y:1*K-2*<8OVT,- I$#K"A\C2#2%5KWG7$9SS+&M:H+HM2 MK'Q559G=U948;A? !5BC*I;"H7I:.H'48U(\DI.N(&ZWMG>F MS;/OOZ*I= .2>61-"D2;'K(*Z- A^M"0",LX*Q$_X[;!MF>)-?MR*_25]IM2C2+L^:M3N;\/6(J!.CU)8-"<$_T']/@!2D T(Z).1. M0&EN))4OT-+GL5E#98%SAFPL=!=<,"M"58=\8 MU&<$#*A.G'>],JT&MQ-S%0AR#=#TN"YA08.669'^*UG65/Y\4I37M'S*YO;I MS2@#B'R[&6[[C>Q2GD@[1!J:$6%JUCR$T)#&7+PO*VR(TV,J_S_-#^8BFPO, M 47(VA6=T^P).B[7V"_< ")?;X;;$1#"O\B-G?>$-^7&E)@>"V-$LX;&U9-)U35<.7:5O0JH M/6?#.;*[O(JWM94]R9"&@1GM;BPB M@6U.B?>D-4\Z^S/[$A=ZRFQ'CU=)A5VZ/9)_ M5< _NRG$95\0.0[+_]4+W H%"[BPI+IZ='3DX=J(_+L!:,08A";8]_1=5Q'G9Q+Z9S9T7^ M .?S^DE)@Q00.3P,IQENT6C!JJ69J1TD8ED[B=$#?RZ*]$>V7#9)]];VRXR^URN-I=<- ]EW MCE^0[#.K,<.X3-.-\ MM9GAG.^$R".B0!!,UYQGUFSM],(<([GHA'_8*GK&/VMP?18'#"E)9*251L2A M+\=X*XCO,/5!V"*=,=*D&=';-HZN7T1N+$M3O!?!6E64XAHA[F#YPQV8)OKK MB?9^6&S6Y9K,^0*$.&#V0>)H#J5I2/@L(Z;ZV2__:W,_@SO+JOZ-^ MJAMSXSB2Y_>+N/]!UQL7VQ,Q[GIT]:-Z9VY#?E5[QF5Y;5?7W7[IH$E( MXC1%JD'2MNJO/X /B2+Q2%"$D')Y/\Q6RT@P\Y<)()%()/[VGT^+:/1 :!HF M\=^_>?/=ZV]&)/:3((QG?__FT^W1^/;DXN*;49IY<>!%24S^_DV1H2.3I+%,B(987\H/_S+Z-UW;WZ^'QT= ?K]C<1!0C_=7*S[G6?9\I=7 MKQX?'[^+DP?O,:%_I-_Y":R[VR2G/EGW]>OD[N9_OSU]^_K-3Z^___[-Z,WK M_QK]UYO1Z?G5=T]3)LJIE[%6_,^LU>L?V/^\^>'N[>M??OC^E]>O_QOXRO7W] M^LVK__OQ\M:?DX5W%,9<43[YIJ;BO8CHWKQ___Y5\=>Z::?ETSV-ZF]\_ZIF M9]TS^VNH:-_@) U_20OV+A/?RPH[TWYF)&W!_^NH;G;$?SIZ\_;H^S??/:7! M-S7X!8(TB<@-F8[X_V?FLOZJ/_?B+/0C0N@\B;BE.C^/DD.S"61Q.F=FSN<3WDYRUC&?7213Z(=%C""$>G.6Q_V<>IB%H\(C: M#L[0:9CZ"9<])P%\7*NI!F?RFB;L(]F*KQ@,DR4W?1V+*IK!&?R0),%C&$7L M8Q,V%=.+F*WJL_ ^(N,T97/T%='R:]#%X.Q?)O'L*"-T<4KN^;)\E62$K2LK M[YY_0,TWA'9PAD^2F#GC&4?'A%<-F8717DPL]7<8.NP7RL;,V=.2K2WZ20K< M@85U*?'_X#^SK03K>ZH%Z>>#YJV='3#HTAF M?-XQ<([E%!8&T6(19H4;P0SKI)C/9VQ7"U@\ :3#8YG?I^3/G'WS[(%_6(ND MI/U^W9!!W!'K;DG;9;OCLXVQH[=-M5^<81P;=+$G3PO&-X1V+UX7C%T]I0L/ M#,:[<4=[]<9@,L![V)=G!N,;1+Q_+PW&O&$W>_#8@'.BAFX/3A&040V=]57Q ME&1>&*57'N43\(-VNP&EM\[X$8][!WG$?N)>41B$'F4+7L6/J1BPWO:[_)NJ MIE=G^Q6I ?.8_2$(HYPSMFO>Q)B(8)53_&LQN2 MYE&6]G.F&K=I(^]"- O?[S=>259ZLM!OO( MUJ-[%SN[!IMU:Z#0@W3N1N1\L?#H:C(]83W-2'H1GS +7+&.Q@N^LMB!HN]' M'5N%L(D5$X%\::\1 ],IKD]?>Q5H8X0 5G>1MM>'\$)AY*G:_>J^HDZFMF_8 MS;[$:$PO:@Y[RF?XAW&@>!P#WL@?D& MM)_YY_G1JL]XV'!E+@Z\3S<"3O*LR)AFI$/**.]V;YD(IJ9HVH^MH'PJ#//> MD ?"]NW\K'^]M;^(&6V1&WF\JHBA.AS^4WN!H_9Z:A;7_''."E/6!)#/J+>>A/Z;$VP&;(;^[SR02<^_+N"OK22;&2PJ07L7XDI*4T18!LDOV MPQ8)>Q_=I1MGT6'<4>?M6C/YV"R#H M;S&!+I+1)=;7A(8)DR#@]_'4H+>: M'_'B/Z0JE=J&',N DX1^>1-Q/#WVH" MA/T=)MB%4KJ ^R2G7,3S,/6]Z/\1CRH-7]X:J(0?,"E!)[N[A;>XS'S"6)DE M5+GLMAH"M? C)BTH)';H^;!]51(7D9,B/:09'U&Z04HZH'I^PJ<>"!XNM'5' M/<["[6IQGT1BQ;2: '7P,R8="*5TZ2.54V;I,YRSWU(Q](KF0#6\QZ0&K?3N M5<)7,;!"&HW!NS6\^NB(+M#&WUX)HT7[""6)ZR-LQ8[>CHY&ZVOJ[-\G"?M4 MG)* _RM-HC#@\>Y1U=.HZFI70YMZZ7VAM#P]FGG>DEO;3Z](E*7U+T6PJ6%V MU<^_KWF=3,_#F/$4LE&1E+F)BHA310ZCWGD<]1>O# [K!6FWS!) M)!E^5MM5&Y7+#E5*I[FSJ)0:89$:)*+BT :OH"$'O_RKLV 4",9$P#$FA.M< M@1OBD_"!IPM&H'(CT-3%S$_MF+;UD:YB:YFMELYBUGU MT(1(/AS(7U.R],(Z>Z9.-MV23:X0$+&SL%8//1F@@4-]0$7U4\GP,:X^DY@& M?,;[E+ _!I>EU%(."_:R)/.BHJ7C42>YU:"<_]14SB)C)GX91' <(ZO.OY>K M8]/"64#,!/JV0#A@%EQK*"\!,A/UF "!0W7C!R^,N%=YGM!; M+VI<&;U*8E^[)(&HW075C':;!DC@T-TI6?)X1EK9&D!?<@JHCMQ&!'02X]!+ MR9W.D8-C;CDR /+=GHO3=AEZ]V%4#&OFN713PO41-7@/4/U:V]WN$ (UQ0G' MR&MP#8Z0JFB@&K2V[S56@U2+J,.HT@M!70'T,3]0)U#-6ML^ U0C#@0:8(1# MN?R:P5UUT5.K1&%CJ+*L;8N-E:60&8=23KQER!=DXJ5D3'H283_V('-^*MM6VS^ZA.K6W+ M=W7ZE3C@&'>-*@DUNZ*J^@+_0T<(U9ZUP_T=M0=$!H<:;TA R*)(2F"&EL09 M@RDJ;EUGA.&>E1)?U[/)=L$GN9)W[!9J M;B+CN:P""HXC"0KAL "U.KJ*#J MQ1J4@6#2>RUF<\=]DA+WJW$MY9WWU,#+1/MR2J@%["-XLXL%Z+#!,88;+(*< M8[A^]A&OV3%L^ER<8\"K*R)G2T$$5?(^8@?]'"W@.S2NQ]\=62P3ZM%5*=;V MYUGQUD%2EA>3*[1'5^!<6:1J[HT>#N5WY;V(JX22ZX062MB20>PQ M0FZA#/L=J-E@W43;P1V'3:UW#H60Q1/)$V_F 3ULRL-84[)-/1#95143PLU 6L[[[V8 !Q%'%J7/V\+<<3A6K66 M5+$7K>H> 7:MQ8]AG-!"]%(0AOGM5%*T"!=PDEU)[VD:.R8S1>B_O)3/ 1>8EKSPH3S:Y(0 N@,LF0.4#),CT#H28 -A0@O1@R)&5#^%"3Y& MD7?@NLS.#A> #$%"J=FR1.-%FN:;>5BKS6TBU\5[AM.@" S$6E,7&E6)V*?4 MJ,6#BF'U9Z/>J'B9VV2A;9^#%(&UXD56<0X?)P;2NJ[^TW>],X+&DGH:)QLW M9)E3YE(V[Z]HIKYRU3;HP74!H/ZNB3%,+A6FGO7 O69 BV>"EA4G>7ZRT,= MLE_QY!*CD_8FA>NJ0#LL8CH8,"JKM*QQGLT3&GY1N8XZ.M?TJ&M>UA@96&T:?7\0GR.77$CJO-C2P]M"N<(WUV3R$ B)V7I1H!U4:H(-. MG? %4$GDO+[1,.K#O?9U&-4M?%("J+HPQDHT*"!5%6C!&^0I'90UIGH^IN/P M:&XM;#J95D_I)K'D%8MWL&.Y39>C9#K:=#KZ]E/LY4'(VK@\G"L3ZM9,ZL_C MI 1.L^ZJAZ&UW'=;.CZ2T^#?28P3"XIC_JNX.VMS-BGN0O7H + 4@/S@+=8/HHM+5/-FG5:N3\!TV J9QF3V198RKRB; M5J(HZX.+6[L^Q@(:N$I4',HXI\Q%F8T(.5R)G'-"EU!#&P=/?'!6 UR$7 I(QK2AB'_&(/-Q2%*CH-G8?^ M334A$16''CZ0F$D3\4+# 7.O0RY)%CZ02C:Y7K2$SN/ZIGH"0H%#;Z>$X>F' M)9J,XP6_3O&E^$^YSI1$S@/YIOH"0(!#5\6PYT\H:=>=;DOG\7I3KA\P<&X$AW'AP3B6P^"M^7HS F,WXJY7X/S[(E+FX?IO#PNYO6I%9L(/:GSUPOZ M:A$,"PXMKF]T5T_IEJ+JI]=V>^>O&.PZRXH!P*$DJ6P]'!8$[QKT5946AD-W M4#;(,9DFM*J$=.<]D;1=EH.9\78OY06SCR2;)P%_Y3PM MRZ+JDCSVQ(3S]QC,G&8'"GH>-LV@J,;J,8G)5%4*2TK@_/6'/K8B%?SPW7C] M8!BV!H^M[SE_4F+H.>AK+K93W- M("'!!A$VZ;(_+)/4BS[0)%\"3KV-.W+^ M=(69&?4$"H=#O#T&Q*+HBW":]>+\88J^&E--'S#H<"C]FB9L_51'X)MMG+]4 M,8S"NF([G*/%"2[,7CA_I6E!5IO)5+1N23)C!NL=:A#6(H,[&L2@8#P7+Y0! M CF::S5S_L")X6&-2,A#=]7TCJSH"0_H+97^_4+SL:W%QX;>#T!@Q+'$RXKO MG(8/84#B0)E9K"5U_F[)0*J2O2BHP0R'BK>FLO&#%T:EK(T+@U4%T&,O#7W@ MC [IR/G#)E;4WQ-/',90%WFO;\T7+!;^4)1GJHO.6D+GCV:83>) ('!H[3,) M9W/&U?B!V>V,7.6+>T(GTX+QQC5?L#+[]N?\30PS'>\&&][+TEN/=&PYJ%MW MIG_HV#7->]Z0)W'9WSN0(9_%)4=;;7]U1+TX9 M9F6:??%?4:&_.CMM3,.4K0JG#))XQAR7, GT,?>]?-SUM?9AK,^"/G ;(!>B ME_&L"5U?I1]&\2T<<"A-P*=^M"N)7%^Y-U,60'[$+KJ7SL^CY%'BFO_8RS5G M?8[*3E&\+[*6T>A=$0&56X><,W1-$QZ["XY7GY@2+N+UG9PQF_X?"@=$&#W2 M7V,9J'\\;YE(M=[=!PR(+(XIV=*!N+V\WV%U8'!,CN:42YUO,61^W!!?_1Q.TF,KIT! WD9+T+KDAC%\_C,A66.XN 4*L=W#L M?,WU3L6J$=I4$ X3=%8TP]KAHE6='6BY#=%=RSHTIH]4P*A=/[>S1[V;P-D[ M$^V!T/LD)>YST8H\B;*N>#-^6I3T+W\^3^@MH0^AKRKD8MB-Z_)Y>S2G7@ ? M?G9J<[HLQU#]A-PU)8LP7RA<&3VIZQJ!>[0?,) X%B,& .55H$])^?\;(I]X MRS#S(E#& +@/UV4*;6^3#,'$:@1COS#9M"XVP,8,"1_X9DY](=ND&^>%$GNH M2Z=O &Z'[X-TQ693V](+@]-*G+I*0@7".$V)YB)_K_Z<5W"T8$ F2!Z^U]&5 MGQ<6B-G70K.)9HO,>:5("W8AP.4YJK^>/Z^]%9\T^3[>]RESNB]#[SZ,BH6Y MSP*D[L]Y$4N+*Q$$2>Q>2"7##8FXW5Y[=$$H?*E9?V+L<.J^$TUN9[C M7M(!5-$V+UL,K6@E5G@57*Y7C?I#9NH5D&.H:SJ\T*FK@V MKD%PQ>&8P ?*$-,-@N*S>YQ:GLLT(I&XK(!IF/73IR_GE4>'2V(&8(9C7F"; MYNJP<.S_F8>4,$F8A6>KZ\B+>6547@MUN5"ZJ29].*\8NH/"DMY2/Q='MB/S M<9Z&,>&5U8L$%(YL]1=%<0&S7IS7 K5G,0#T#M]FX/ -LOD!]^N\..A@=C4, MPL_4>SD/8R_VA_%>E'TYKVTYG/<"P R)]T(3GY"@R-7G*6N,:S*9;A?=8BMQ M^0-A?RQ^4:Q,/?MS7L9R!T5V[FSM@*BEUWKK%^RJHYV[A+]YWN9*H%5.#*1U M7GUR=PT:2(M_#%\F\>R.T(7ZU2((+?BZ$E[-&DB+2;,W9%EYO)-ID=0#4ZJ& MS'DMT,'T"<+G\#< 33&Y9&SYJ")PESPP-[F/PIG.V3?IPWE-42L& D/.J;6( M%V^^YR@N2!9IXE=)?+)U/U)RAY63@BB=EQ =9N$V0.GP9P0X9(.$!,#]0FUI MWZ$F\YEC&(0//21P-IT2GVV'SYYX69X9N6'F/XF+,!N?2=,Y#]$^, ]9^?J: M62_.J]P.9D-]T,/A>!;R%Y?9VJ> FL-N"8WSJK8]0CMZ# Y]=',)U?J$:PY3 M4*XI5V\=+0O5LZ_3[! T]?M;N*ZL!=%ZZHKS/HBVSF($OMEMOEQ&!0I>5*-P M$4\3NB@5H:_D!NT 7,(#D;X-T;$4#RWF=B_D][,[;YCRTDAR'15;#2@U5$'6 M(BVF:"<]A,3DM]2<,00^A!*C4,EO+(6DVYSJAT'ZSW-!9O'(<>Z\"Z@:K2VC>LY]YE+:G>E2A@' M- OO(\(#F+^C/0>W(VGG_(/.['258FC\T/)>/*F0ELV=/ M59%-2>B@>'>U?W_@8H&69Q%+^DL& T?X^U)E&Q)<#U9<>5E.F4-2)ZJON=QZ MJ^*GT=&(WX&+DI2U9O]1DO$7*=:$#I^VH3,OKLK4;=[.*$NG7C=@FTPK/\Z+ M-J]JZ/V3@;IWZ=!52@:=L O:.GYY8E#]MMTL*32XQNEM.(O#:>CSBT=E-92B M/GD4^LWKB5N#]N?VH&WT,=IT,EKWXK!B9TWPY0.A.,7C MTNDR2;WH TWR)6 8&G?D\KF'+9;6+ZB(13 :L[OW['@T][2']I,0 P&,:^C7 M-^J%E^FW!OZ;]L"O24=>'(PVQ$ZO.8FK ^A'.H#4[?TM,7=&X]BL%\=C%JS+ M[@4N8ZAPC<@Z\EB7:;Y@GXAG_*"J#()=$H'5/Q0 M^AIM.AN5O?UU MQ/MS9]H-:=N";F31CU_#;AR.91"G@-%LVH_C\=Q+SZVQW0\Z7*.;WS\\RJH+ MB$R0JR0C=5E=\;#^OCVLBR[X'<81[Z,8W$4OH[H;EV^.W6!3]T VOEOW4@Z=8AJJN1NN^G)91*Q[*J07T(D"\1TGD M\CTUP/,+1FM6[PY=[PKU6FV_H+8;=+@&;Y&"RG\F-.4;VVPE'JT_=@X>&X3_ M/JI('5X:+AC0C\=V.]=/96Y!SZ=_HT%GT(7C82;6C^AM2Q-$<(VEQALFJSOJ MQ2F35'[JT :XT"NE<+GDM9@R M6^P@Q(Z'F4Y/[04/C@>N8<7O+X7E@\6\K$AQ6CDCL31Q[4TGF:;10['1V^[# M8=4#N60FX13#;ER6>8!P"AB>IOTX'JF]]-RN(]$+.EPC^3:_3\F?.>OY[&&K M)E!S^+[MI.ALR$85G=G!=-!O?HV_I??WE)YAY"E$\IF4S/TBQD3KWJW:1VNT-+SA;+ MB>,V\@UAHSPG-\1/F/%S! NA5J!-MY84^H09&E6!X<"AO3./QGP^O";T=LX M >M.2PA^?PR+YH!0X-#;%7EL"$B3F/W3+V]4E7R#%6G>$[B>.Q;-]@4+EZ/2 MO@IZ5YQUB3V33K)?]T+HZ-NR Y>NR,O-4-T^PI^3((_*BB0!/S4/!*P6BH1L M,7KU]HQOE^X"+Z[)07U]3S%3=/('M7L8]]/&,]K!;"QPS)@+PBC/P@=R2_R< M%LD'94409I9L6)PDBV5>&WO;6S$:_L-]Z]!V4O;PQC4?B.\=J2:"3B:DY.8> MA@G@T*[PB5,H-[:X?M+XAJ0YDY];GY@UMN)EWM-EDHJB';S773MUG6JYVV6\ M(1# .)Q%]_!4@[F3D"F^C8=A+']]U_)VN8R'9^D=_ H>\A45A&?>)2N>%K.@N\ M&BSI@B';/H)Q?ZY/)'92Y(ZR8XJ ;\1HP\"0 1M#Q[(-.G-]PC'LD#9&$=?R MK+HYJUJ7.ZG;NONS&);C9W"1=F-XG+F+F+&4+Z"I,@!:U_M8D^NU<"QPC3G) M;4?5<.OD9DOOVV(89PWF^+3 IY>FH'7M9C[;Q'[U'X!TTATZ=9IO!J.(D^)B__\#/BMG"5N!7_)J.\VR>T/ +"3ZQH4L+ M$6J.CU=G3X3Z84JN:>B3&QZ&@8>L+'W5=6!+;1-[@0#E#-ZY]:J:P;M7$KIW M7S%,X,_E$NS&(EOL-? ^7E5_-)O2S3IT?4?(\++L;KCAB$!7J?X\J^",#6\: M>]%)GF;)@JU2QZL/))E1;SD/_3%_]!WJ<>_4J>LIW- *!@ 0UUS=3M$^)9D7 M1ND57WUXGIEXS@8E:U==C=9]O>1M8\[;KMFY:Y8>%!7]V6ZG&\ =H[^+P.D?X8QN$B7^BP;C5SG5L@ ML(\6TD*Y<#CF'[TG$.3;S5Q?:P1 +I(+!^0GS$7G0)VRR5 ]@7=;XIA90/-X ME_G&0'1:EGSJY5$F<,'/WJKN\?D;I[D MJ1<'MWR3FQ$22[7 B30TX.>RK:6SP.VK&;$%08%D!A._$_E$\5+X,,R]B]A'ZH6A+SQM+VCJ/5FGA5#"/R72OPI6EAD@EJ:G4W+//I(SC*X)]3E.,U$8CK<5-P7"_<[MY*02$]_PN"%+ M;U5X#9.IZ&D6]>"04[OVCGH-#1T8N$\VCAHG>/E]&@:A1WFIS/*40GS.T2DU M(3CG.!K5'?.?FUVOCT!>#CY>#CY>#CY>#CZ>T\''FK7-H;<7J>-H"I)#U$E7 M"AP')55*0Y.]TV3AA;%",W(29)J169NXM+U((#L1M..):VE[=$_\C0[9YC,E=AV6@%A_?D]"EPE0MH*B)$T.TF\-/LU8=X\ M55NMK#$0X/2O:@X.^/Z*#?)]6?I;S,CE "Y>'<"Z$P-$6$OS\'A!BD7V)O&"- Q(N2G28JTG<[85!. - M%=HRYN5GQU&TNKP\ <$MI'!V#&. M$+4O8#\,:%D3KS #&@!%1#LG]R#+15Y M3S/)1_^8$"C>,B+H1A'#+"(6>$]H%QLF)M(?IHB+",$;& RPRR7?[Y)YNPBS M>98\QCW73A$]5!&85E$Y#GN9Z:]IDB[9#]GJ,H+I04$'Q1_!VJJ0VQ+NQQ]N MQOZ?>9@6SVWIYAUI:RC&3I94C8SVD#VG7LS83ME> ("LN#4462>KIT9&>\AN MJL\#@!4VAN9O.ED>U1):G HH:S;+8!.!H"T45"=+G5(^>YB>>*GO!01BJ(*F M4$2=+%XJZ>P!>IHODS@#P-EI" 73U2HED\<\:!BNK9;0P)NSU4DBFSTTKY.,,>0#T.RVA*+I:EF2R68/S=LE M90OA-"11\-$#C7TY!11=5TN43E9[*-^M4IB'VFD(Q=352B61S!Z4G[UT7KIN MH0>94F7MH<"Z6JO4"@%6V!B* MJZOE2B'A7N*JDQ@"K90 "J^K14LCJ2V([ZH#:8/XM9($>@;O9M,%D-8:T&GY M[7\E89P=AU&V2*C>H'544+C=K' PF?>"^#5CG,1>8 BYB R*N9L%$"CU7D"_ M"1\(G7F9(>@B,BCH;E9'H-1[ ?TVCW]C6W2BS:72DT%!=[-F J6V!/KE\;'! MHBEM#83X1R?KI49&6SOIW*-9HMU"MUM!D72R%$IDVHMM AQG%0$45R?+G5Y2 M>Q!_H(3$E]X?$'1%;:' .EG2E/+9P_17+TV]2#OXA2VA>#I9K12RV4/S.O(R M_IH! $Y!4VB&KZNE22J=14!I,F,HI#=A,(,,>UE[*+1.UBJMG);PO4H>2*P= M^IU64"R=K$\2F2PA./$S[T&+8*<5%$$G"Y%$)DL(7M-P0:@6PFXS*(9.%A^9 M5)9 _*^<;/__,;V1KH540 MN*LO!(%7*ZDMOYV261)/'J/TBNE7Z[_+6D/!=;)N:62TA.R=YS..0&8K;@K% MU,E2II+.5G!^4Z&A49KH.EM=9H$Z7@\@=%<-RZPVA49R2]!7Y9_.%DNVEZ/I MM<=+F0.0!]"!:X(X6?; @ML%?A+?S-MMP<@Z6?V4 MH% M]=-B'GGQ#.)D*"G Q3Q<+G(J8>W"_#F,HN0Q/:%)RC?O<+25AHYU -'M MN]-UP;/+5 M MHWY?)Q"O+IGU?))";7FO(S$$(PW#\[-F>-Z!:G\-N<3KEKZ5$O"%/HQE!) MY;"L+'#R!@AM=]4\IMZ7,((LD]LMP="Z7!=%PEF"\S2,R23/;L2&(T(?0UQ=/T9.!<793]1$HME74?R/E3JF\$@:WET(LB+[U=)DE\3!X(]?3IIFH2,.9NEDB N/:1-D"X#[).%D65 M>'LJ"UN$57X%5,>"$(+11E$)62ZZ)>P__?,XB8.39+'TXI42;&%+*+IN"I H MA-L9SD'>ZJN?4&M<2;KR%F0R+7Z@)"@E%&BDZ@'< ?BP8&@UF;XX; C)D'HT M>YGD(O83NDS*>J&%>"=)'F=TQ=D5:&QMKQI":&$_=YJ"2H)II)TQX\G8')#- MDV#CI4T>N8\V#Y?*-]>K/@RZ@!:\AOGO:^\B@WT(>-"%MO?+]KO_'=Z'.TZ714][I^U7NT[KCG^]Z2_&D3 MD10/=!>9R_WZWT3SS?(GNZ>T32@K$3AF'ZA>WNRT/ M2 -=YG&\KWU*IEX>99NP<2U,RCF5;J$JK,W[58JNM8OK;O6N@$3CWXP=#$;%1 MG#VQW0@_LZ>A3]9_3*N_IF\,#4'?G>L98#?M0^$ZH!W=T:T_)T$>\6@0^T,0 M1CEWIC?V??;D1SG[[CF#DH?]\I*_R?3,HS'_$-O0WLX9]I4_+MX2_F"Z)60M M*L9&R7349&VTX6U4,S?BBAXUV.-$-8,CQN&H8'&]T>RYO1QD('9UH-AR5D0J M&I>;EZ%L1[QB!(+-I(K-K M$&40U5<["5VDJ]7,]68*:K MG0B%1;))3N('0K.0S4.GY#[;"*73C);0]1%T M3UT! ;&5";GY^D6<$0:9?(@4:8/R]JZ/CTWQUXB#:=#L.*N/%WP79,V#JKO' M.5GVW^4,ZQ]M*^%KCE]=%\J<$\:.%XF#63\B"V:-OMUB^B6X]37G3?0.+KWD M1[SD1[R$3A#:Q4OHXR7T\1+Z> E]///0!YJM-XK0QV?"4PI(,"YOXFUE'DBB M'VH2UR-&GWFAEP'C[K1QJ0:8'O]3>_O8[&*X7/A!;U.QQ>D^C OL #LZ-16* MA 7!G:B4+;*;_P*G)$![PN&'0!0J33N BHID[RA@%["+5%/AT&)?.]9?#,2W M]Q0PJ=XW2@F>N^XP[>A$[)6W3;5;.@ I#DUJ+!.@L)98=A+Z_Y&GV3D#:%YS MH'XY0-;:M0,)MJBMYP34LN/8>EU[J^(2PEU2"50SRW8I))M,3[QT7E_5E@\; MLUX0:E.Z,>@E("8%"YRN&^(GLSC\0H*+@ D53D,^UX^9,%E:"S&.@TOVDN%(<,SX!%0P&_ISK%(8>)F,5>!RV]2%)@L]($F M^1(0)##N:$B?Z(8L<\I4FY+)LO"T"5U('")Q4\>WV'IJH>D:J2"P%-1L?U)9 M(D3$8X^"(/8NDPZO E!M$">'\(G_QX;9XF5B;W%#N-?-)L1QGLT3RI?439LR MH4AQ@7"7/EU[(CNJ?@ $#F[I,TE1Y MK? ]= W=SL!:,S*J.!EQ5J3$G)L[[VG$V4%QA?#0UN"AA-ZP=!'S@W.F0:$$ M-_QV?JZ(WO?IZ[!7_!T$Q[02&?!_DJ19.IGR#41ZFT2*R,E.G1ZX&S($!!T# M81A,"64;Z0LZVM';1 M/#B??NT>E'+P#?FPGE>S7Z"%_/A\+$2.KJ6 ,/_$)/Y,^:N#R6,\F9;G<))H ML+0U4%/#/_XP7"A8@X0E_#>*EL?BBK/U.^]IG&4TO,\S?EQZE]R0)5^=F*-> ME"V_YM4[GB1Z&_PK0'T/_P[A$8S'/M M'(S6G2%+@*B9O(YX08*&T/KC%@"ITRK $?V]K%LW>BOH^)KDEG@9>S;R/#0*QQ$4K7 X[D_;Z3 UQ. M)+>@I&Q>ZN]"06AQJ-/4@-NYY0!!D=R'^LA6HQE_G#/QXG02WQ O.DOYY=I3 MDOHT+'/Y&!,;)-37I?KV]RSTWE=X')>LI-SSR^TUPYQ]W94KXXYP*'^WH0 U M!1D&*,IG2*W^N.!5/?1!Q#A4;6M^;TK:R*; J%'(0 81X]"H@>5"E8EN=%X2 M+R5\SW6Q6-+DH7QK2%=014GD.MW,P#I;6@-@8>W: 9O',\+.-\2B7(&KM. MC>D)O5IVJ_9?S)Q93KGBS\,G_B\U]'HRU]DG.]F_'@\@L0',H;^WZ^R".V0P^:)S;LWQ$1'-U(19.K>;@OH/4-=08Q-,CF M!V?ORW.JF,PX$^X36*4B7I$^QS\%%5K7L_=\T0 #5[I"75"",5MEQ&9>/ O7 M-4 8XXWCS[JU\K3S;?NTLZ8J3C"+KXPVGQF5W_GKB'VI=0"ZIL-PUMD JHW1 M1EC]N:=A-RC.0&N>P4>>+0(< ;9>"I2>=K9$1'*X67/5F:?DAGB)]^A2:'>2 M@CB7Z XFGV^A1HA>7NHQ.E?8@=1C_#5),D+3\SR*;@E]8-ME9:A WMSU+K-7 M14:=]);B-,KA?\(!PLZ6!=C!.(OZ*] MZPW3;L5(K>&.M:*@M2E(ZO\=5!E!T)XT7RP\NII,3UA/,Y)>Q"<>I2M>**HH M"@77/:IB;)OEYB$ M#9/@-O-HYC[,N$:FJDE[FE/^F%_!(L!(A5189NLAM*W"Y?"K)-127M>%_];/ M.8Z#?S$WHDB>T9N!AMRU!SND/8"0PN5@G2>4A+/X)&?V&?NK.^K%:536HF$> MI+JX@4D?KIWE(=4,QPR7KO6:_/VM^Z27(37%Y1ED03Z+VZ=^V%WU3<5341.E M?_YNJ+,D2=,7C]SMT=)Y&(<9N0P?2(=G\&F3O@\<\=AA#Z#T4B,YDU(PV@E3 M=-4,H\:A8'.S;FD7)BR2\ZT+MF),Y0P?KSYZ_TKH2>2EFH>MC3MZ)MHVEAO' MT9F&[0W3D/>J>W6&0_\][=_,",0 H+C,P_8: 5EX] ]^.Z+X#\ZB]M*!ALQU M3&8'ZVYI%H0/CEW9.=LV,EA2D84"JO HESAH: MUS'Y7JB#<+"5V3.C=_/JB_](0LW%0VEKUT'R?MD\:MEM73(,LRPBQ^&L_+#Z MCJ&XK>M =R^TE7+C\))N><&2XKX6X:^)+>=L5$9J/TE!@F.5W=E34DC8&-4N MM49F;?9T/I*"!(G6=);85I)<(*MIN+=)GLW'4[Y\0=)P!!VB)Q'9A_O1/"+Z;5D!@WV,"MBTCCO57 ML4)IKI3K*5WOQTS.M>#G/ @OEBNX;5R'AM5'[M.7ZRV@'45KH#O\B^&"5)"S MI^J]%7T:$(S:]2YU!],P@0?[// I)=,\N@RGBGP-&+7KC;"5L=Z%QY*_ V&A M40M4X@\9]^*Z0%(?I?42%--H;"X:DVE;;ODXU-&YWK[M, )AD."ZZW29Q+,C MYL O3LD]KQARQ;QYMDM:\?@-[-F0']HIDD67=ZS+$>^S2)0L>AU5W2)[0(0S M:9+F*&OO8JWC BT)&F/0S\0 MRVMK22(0DBQ@/F?54Z6^PKZX]<'J1BP.CC3=-F^Z$S19>QS*49F91BEVC\WX MU^[$KH(Z$4!/YSK K;:@[==Z@2#8RL"0?W\2]]9#@]1U"'H0572@V+\V[AZ3 MOMIHD+J.^@ZBC0X4#K3!"'N/CBUBUV';8332A6/_.CE/F ME6MG5QUG$&PQV@+B@[XL"@+4P+JQ:U>WMR):XAY^T:.F<%=)[)NHL]G>M;O< M6Z-=H9_I:<)U >.<9#S53WRT\-.^CA9&WVYQ\W+4,,P%!-WA0JL=CJB;V7%" M2P0L!P@U6YV91Z&%2W0'!T([DFG@$MTQP0TI,AW9U)*51O=E-Q"MG:V M K%P;*/&CQX-],>9K68X[!HTZ;0XQU$CX7;.Y#OV4E*\%DK8B"R1H[RV=E&X M]'BU:<,\5_Y;(QP(;\=B; N\?DUSP.V!:> MU](A\:FW4E<54!&XCW#8,_/F]*H'S5+P=A*3QHWX(K?$SVF8A21=U]B?44*Z;]JW MIDH G>LSXI[6V)P)P>C@F UYA/,B3C.:ZZ="45L^DU-%G5;>KMO,]=2DLY'F'"03$L>4:9(;6F8(@ M(MF9CCYZ*[Y;8MNGNWF2IUX8$AP3&;K<4Z M^S,/LQ7?9B=QX3_"JNR)R7 ,(+-#5[$D#3-SJ*46;SKW2M(1?/GBQ:'F3IJL,?A4?_")H8-2=RY02XC#6;FFB4]( MD)XSP2[2-&>>&2D3-/7IZA!:QY4[Y*ENK>40CL/A9U$7J>%)S/A)>5D@&LZ8 M1QX5N;C%^]QOU%$F#:GK1!NPRL$PX!BIV^&>\CGCT*\.Z*!QP0Z9\Y-_$VUI MQ<>AJ=*HLK#(9E=-H)V&SL_TH=J0B(@$?_ZBT61:N>(36CQ9=)7SQ7]>N+P;#=3P4C,]CQ=Q,/A=Q1IC2LAL&9(%FP*8C MG^MPIKC/8-*'\R21?K,R!!@<4\0VWQ^]C!OSBHEY+G*-SM/Z-D3OS0H MG!QY2U%#(/(_NT->QKE53->9(_J:Q>*FSA]R .&J$A/'_&3U0K_SZ>1YQCV: MUXSE.MMN!=69^W"&2#I:\3V_YA@1D44S)FAO< M&C(WV-\@D@=J[1'6DGOWF&P"1\7:KKMQ)6GN.IYNDJ*K$]K2CK+ME"F1EC5V':\TP5DM,([= MY==9&Z3/>M&C5(CC*_TOI4*DHAU6J1!K4=^#+Q6R]>A4O<'B*177E"S"?"$W M> I@K> 0)LKY4M<"E ./\ZV#5%CO>7EI%,>%]HX.I/I;9;X?Q1'%'?774Q0"'IB2!=,7QMXS =3)27SUI$,"AICH=IF*NJL9<5A'0EBX&$>/: M=\/59X ,#E5*%^!- G&QX&I2IX%=N,XF&MQ-D:&$1[D;#BNV^5N[M23E92Y^ M+8 $X.1X?3^N]YF[J-D<+QRZ_L!VT^EEDJ8DG<1G3UD8S_(PG7.NRUV97+T M4M=92WTU"D;%?'/ZOMR?1GD5P3I59U:U0 M?KN]\UPK8VUI!,(TB3K*GK:79#6,PZ/)IAYBE.'+WCK:/!*KSN\2IW6]AZ=U M'8WJ3_'G._3I7U]OTI>D2I].4;)TKJ*('9 8Q^D4+*G+1*[=4[M@Q^_55SL3 MC^8@ODOF6!$FV.K/Z+OBO21JN=722[K62[J69@[3O3.M)\-U7&>65K3G%Z9E M8U?SNK2>#-=I6R\=[.M=:=GGM6]*0PAQG:CUTX/R-6F$00BC5Z@!=+A.VWKI M4/G^]('FJTA$U14^U9#A.IN3*QLFS7/1]?HZ775CNLB5 1;F[)(9>#*\:P\++YA,D<]G,C[%7IFS M2H(Z516Z>1:2.MM)[*!R,"(X#F8D4FJ?O=?1.=M\##]:3S"F%S5XK4LO&,^O M8D)G6XYA-*="X^5HK3Y:VWJ>7GC.]L-KB^=LHV^W&/AZS]V&W:%HJBNTV^%P M=8W**;1%0%(_05YR1:&%2S1';Q)PU1JX?#E:%EU.TEU.TEU.TEU,TW*1W67K1@MC ;#O8B* MP;1&R8M2?9!62>2RSM&VYK6G;++VCJ=J@$[:M8R4@A^^*UO!<)[0.^^)I)-L M3N@=FR\N8C9#D.(WB++!?;B>VGM9@"%".);N:E(T5J28Q'5N=$^]J>3'H29Q M?1"YCF3M78?=S!6DEAR'=J0>SV7HW8=1^2J8X6*H[L1UXO3.2R0$(UPN<+%O MYC\3FI:O7X/>:?CA;=NA;7;T[Z.R*V1/-)1,Z1W1=KM!;^=V\%9>QY6UQA&K M$0.Z=>]6)H"MB[;=#W;VL5J,+]&<\2LAA*!]B>Z\_UG%CPWT XXB.TX%>(DB MVSW_YU5'R();R"VA(2_$1*[K[7/Q>>6Y&9C:M4LL-Z/FA&4(AJ6CZ#Z*& 9^ M:P?0,/CW _HP$468:FI'?A>E6"O;IE>*DGU,ZEC/K^6*=Y(LEDG,_C,%KN1B MLL-=S<7RX#@7;O&F6]0ES9&MZRJ[:RE)(I"=Y7T]I5;/\,(6D59CUW$0I<4( M%Q"AM$-.52GQOYLE#Z\"$G++?\?_P>%_US!X]M/OEV3F16=Q%DK?S6&M.HT. M9^(1<=_PY?:&<_E]Z5S"FFRW<(RP"+8.L-L MQX%RCE 1N"NHV$&K.S?H)<7ARGQECW"9.SD]WMYZ]_+VULO;6P.\O?7&VIFJ MP\>WQ!">+991LB+D./%H-4_RW=3'D>J&=K^%8UX56 MW XL69'?VC/.=_,D3[TXX!=>,D+BPMXO8I[\R]. &1NZEYWA/4#G46O1$9LC MH?52M"FN.*9I!LLB*7DMGX@9Y]F<;0:_;!)41"5.%$2N4F>UA^KBPT2]_.@4 MQ;R""2VBJ\%O7I3SU/V"=Y#"Y,1.ZW_MI#D=(.@T6)H:]XB9(\RSO S&VA:5 MTP)> XPV 01(E54^G66@IYK ::&N 52T+3@.[6P?NL(7+AV=T])Y;)]);X_!8P3Y'WHH@$QZLSSY]OMU4L MCKMW[:S$1,]E="@P>T\.&>/51AF1BDW)(_&\R58+9XE*Y M7OV63T$"5,GPKV;V&TI:X9'HJ(CW%%R>LM$=SQB;81*4W%^1Q^)/RGP[&#UX MFXY%?4:XX-"ER+'6;0!5-.Z2/X;;6!S*/A 45=$2NCOT'DYC:(,KL$+:_5XG MP!)'T93'1E,KIT>!HSY%C2P<\?33BU9Z2WD(:]^_C-(\>&%4EIVCYWF64\*G M5R_V9;=+X>3NLD1Z>-RFJ. 804J7YH8PXPK]K)J*BW/$#S1)^[I^BO[Y$67:@/"EFF?0#WV&F%W$INLXP;'P,:C580BD6$<=>WZ%1TZR* M3:1C7JUM4_IA+G[K8L _QYUX_,[,%J M#%7A?-?9TR*EEVYJ'+9#=C:LK&L R+:C$U7RG%:7FUJV!&7+A+&EK MCS;62S%HS:RQ>W%J:,9\N,LPVZ.M]=3.BQ.WR^<-=I46U.RZ)55IU7Q;+H3^Q!QU^#6:O.B='I MQ_QXV5X9L@,S[>&/I0_!N&577?"IQ_!NS2%&\NUK&+U--[85._C/PVJA%T]0 M.\4\,B?ZEXDZ\MPB6:U_@DX*HU<(GO!3[A_%[=EEM7>OK$*U\7,U/I9/!B MD^GQ:BMZ=\-7!,V+/S8^=DAV8$-^'"\%[B!:5[!^!8%W_!@2.[(W'H\PCIZ:C=608+$ MB8 XHPHI<#Q5*600^ JUF B'=K06!U'44 [7()K2/6]9M>OWL*4U!PU@7RU- M6'_8$LG^ZS)Y)+3\5[@(%8$\NU]U7 - 'J"RN9.28/\,K>S3XG;WE*L&5KR%[.KE*F+CBFSK^@IXX0>.' M=H)&U=VHZ&_4['"=@S%:]^DR&T,FMSX_0T_I M1]:(_!5RM6YQ!?3-+5>A.%2!_8UUEEN>CX3YBL%%_$#2C/N=W5\)X>\8:]+ M=NH5A\Z''+>[X8'CL$[&HVY4Z^BP:;O_.&@I72>XG4RJD\U&J?QH0M/+R%>F M+6AH7,?/89;7S$< @8 C GF:D[ND,8_P%_URRE&1#RD5C6ME07WW]ILJ6AAP MA1QNR:R,"TZ/\Y3)EJ9'S07C@<0Y2<=Q,%D2'B>(9QLJ_)&2<7+#5DF ME'.KCUW(*3#<=3C(6R8Z);S<-T&6VH7XOLD)\XR3* P*V K6-+EVDO8'I V9 M"#BVX%WNM"EV4@H<2E&;F%8YJ#;@ZV6Z7M]U.792 M>>G\[.6GK1"([#.U\/ M_]KCJIG5Q#_49#A&D=E"(Y8$1VBB]J=UE\JVFR'3@LK"VDK9%L1.(.'7).'O MOY_G471+Z$/HJR^BR)N[GI>$UM&,%N@DM72EY)AD[+/'.9WQCWMI=N*EN1S5E8H6SF=V:'946ZC#3\$3Q!4!6X9F8^=K M!51Y"E%Q#)E3PK#SPQ*Y.!@O>!#M2_&?BAB^BLCY^@+5#4#TWF.-^V3MD88L MXI\O%AY=;0+^:U/E1GJ9Q+.C*'P@P3A-":^E_($D,^HMYZ$_IL13AO]_@H;_ M2Q::T?^_-D+_G(^_C@I.+CDGHY*5T?%JM&%FQ+EY.0RPD5319N\BGB9T49CF M^A@(G+YHT!F2O:WAL4(?2;&BL64R-1:G_C%H=.+@%' +LFS4Z5<5!R'()4,3?: X4(1"1+UZ4Q2/-Y$ @UX%)(2_[M9\O#* M3_(XHZM21=5_M+53_?S[IUN!&JH_\K\YWVCJK*=&NL'S\#N4/LC^]UB.+/^; M\UV@(;(;>7#L_8T+<0K+(,.LA!M!6]$NVH MGW/LRO9ZT$>9Z*-95TGLEYF79:Q KIIN2R2K21^]R,3&E79ZDBP685:>#\1PI$1O7V+K-[U/R9\YZ/GO@HL(&U/M.H';=S:CL M!]D@:HL)B+%**3#$8PXSX5JCA)>$:ZQY<+8BD_7F/B A5\ [_@^.^[L&[NRG MWR_)S(O.V"PFO2G-6G4:'0+2(KZ'#!Y"$2Z_+XT.LB;;+1QC*X*M ^PVQW82 M!L^CA(:!]Y%\^>+%;)2D%Q[.1:B\P=^Y[FP$)& M< C3ATX&)*G*7?:TYQ!R$B1Z4=N97D&H+F2T^-.%=B7-G4>H=':FU@K&Z8S+ M,)DVBO>I)S-) C#O"H4&E M-;84:2RB'0?MEO@Y#?G5^NN<^G,O)>,9)0432C\-0.P82B@V,V MO*:)3TB0GC,H3I+X@= L9%,)C[3)QYJ2R/F2!4TZ!8B.0T$M-HSE0C5J!(]N%)7$]XLL"=>%)'@>'7F M^?/MMHIQN'O7SE]& X_
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end